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OT / My pet peeve *fatties*
Dave wrote:
I'm not missing it. I agree with your first sentence, as assumed that was the case. I'm simply not persuaded that your second sentence is true. My view on that score is significantly colored by the fact that virtually every advocate of regulating one product or another earnestly argues that his particular hobby horse should be regulated because it is uniquely exempt from the usual laws of supply and demand. But of course! Every product *is* unique... not exempt from the laws of supply & demand, but with it's own unique curve fit. Does that mean more regulation is good? In some cases, yes. DDT & Agent Orange, for example, should be banned. Galbraith, before he was discredited, made a career of arguing that supply and demand had been repealed by the emergence of sophisticated advertising. sigh just can't give up the political posturing, can you? If Galbraith has been discredited, that's front-page news. You could be rich & famous. However, I'm confident that he hasn't been discredited at all, in reality. And your misquoting again, although this time I will assume it's from bad memory rather than ulterior motive. Galbraith said (and demostrated rather satisfactorily) that advertising shifts demand, which in turn skews supply (for many types of goods) because of economies of scale. DSK |
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