Where do prices come from?
Monday, 4 June 2007 by Jacob TomawRuss Robert explains in this new column. It is quite readable and rather remarkable for its lack of graphs.
Why are convertibles more expensive than non-convertibles? Why is scotch that’s been aged for 21 years more expensive than scotch that’s been aged 10? Why are red peppers more expensive than green peppers? Why do Wal-Mart employees earn less than the average worker in the United States? Why is gasoline more expensive in the summer than the winter? Why is gasoline more expensive in Europe than in the United States? Why are roses more expensive on February 14? Why isn’t beer more expensive on Super Bowl Sunday? Why are houses in the suburbs of Washington, D.C. more expensive than houses in the suburbs of Richmond, Virginia?
If you want to know the answers to any of these questions give it a read.
Posted in Freemarket, politics
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June 4th, 2007 at 20:21
Is this not supply and demand?
June 5th, 2007 at 9:35
It is S&D, but why do so many people forget it? Why does the media ask the question repeatedly? Why do we forget that wages are the price of labor?