gocrew
04-19-2008, 08:22 AM
Things and Stuff (http://thngstff.blogspot.com/2008/04/what-is-price-and-what-is-its-purpose.html)
Perhaps no concept of economics is more misunderstood, to greater human detriment, than that of price. This misunderstanding can be traced back centuries, to laws against usury and the concept of a fair price, and has led to wrongheaded policies wherein lawmakers, seemingly under the delusion that prices can be adjusted without consequence, have instituted all manner of government distortions on an essential market phenomenon. Just as a doctor does great work in proportion to the lethality of the disease which he cures, so too does the economist do greater work when the ignorance which he alleviates is responsible for graver social ills. If the good reader is willing, the humble blogger will expound on the concept of price, investigating its nature and significance and if the good reader will endure with but a modicum of patience, we may proceed, with the greater understanding obtained, to proffer some real world policy prescriptions and analyze and debunk faulty ones.
Read the rest at:
Things and Stuff (http://thngstff.blogspot.com/2008/04/what-is-price-and-what-is-its-purpose.html)
Perhaps no concept of economics is more misunderstood, to greater human detriment, than that of price. This misunderstanding can be traced back centuries, to laws against usury and the concept of a fair price, and has led to wrongheaded policies wherein lawmakers, seemingly under the delusion that prices can be adjusted without consequence, have instituted all manner of government distortions on an essential market phenomenon. Just as a doctor does great work in proportion to the lethality of the disease which he cures, so too does the economist do greater work when the ignorance which he alleviates is responsible for graver social ills. If the good reader is willing, the humble blogger will expound on the concept of price, investigating its nature and significance and if the good reader will endure with but a modicum of patience, we may proceed, with the greater understanding obtained, to proffer some real world policy prescriptions and analyze and debunk faulty ones.
Read the rest at:
Things and Stuff (http://thngstff.blogspot.com/2008/04/what-is-price-and-what-is-its-purpose.html)