Saner counsels prevail

Yesterday I was all het up about about having to pay so much more for a can of beer. Today I will check to see if I was merely duped, or whether other shops have also raised their prices. Should have checked before shooting my mouth off.

Being suckered brings out the worst in me.  Untold reservoirs of easily mobilisable hate lie just below the veneer of polite social usage I usually try to affect.

Another professor of mine at NYU, this time an older, more mature, and altogether good economist, used to say that markets are all about error correction.  He was an economist of the Austrian school of thought, and didn’t subscribe to the usual supply-demand story told in freshman textbooks.  He would urge us to be constantly alert.

But being constantly alert is a pain point, which the market itself should address.  Why should the professional seller get the benefit of my absent mindedness?

We can introduce slot machines ala Japan, and organised retail ala US.  That would curtail retail crime.


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