Libertarian Jackass

"Life is short, but truth works far and lives long; let us speak truth." -- Schopenhauer

Sunday, September 11, 2005

MAYBE THE REAL PROBLEM HERE is the "equilibrium" construct? The comment:

Let's be serious. $5.87 seems to be above the market equilibrium, even in these times. But I wouldn't prosecute them. Not at all. I'd just tell people not to go there! Find another station! If you're running on empty, just buy a gallon and drive on.

You see, it's the simple "idea" of the equilibrium market price which stirs up the problem, isn't it? The "economists" aren't worried about "gouging," they are concerned the actual price (that is, the current market price) is above some imaginary, mystical equilibrium price.

Should we be waging intellectual war against the equilibrium price concept?

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