3 ms·

The definition of price doesn't really demonstrate anything.

by crimsonalucard 11y ago

nickff 11y ago
The Wikipedia entry is titled 'price', but is actually mostly about price theory.
- nemo44x 11y ago
  The theory might be sound but the effects of policy unilaterally advantage the capitalist at the expense of the local worker. This is why people feel they are being treated unfairly. They are competing with other groups around the world who haven't caught up yet. I believe we will eventually progress to the mean here but until then there are people feeling cheated. The trade agreements and bank bailouts did not consider the displacement in the near term and thus has created a growing group that is angry due to feeling that the system is not fair.
  - nickff 11y ago
    Price theory shows how businesses don't 'mark up' to generate prices; they sell for as much as they can, whether at a loss or a profit. >"policy unilaterally advantage the capitalist at the expense of the local worker" This is obviously untrue, and can simply be demonstrated by looking at how many of the supposedly disadvantaged workers strike out on their own, and form new businesses; if it were so easy and so sure, everyone would be doing it. Most employees with enough money to form a business in their field do not, because they do not think it is worth it. >"people feel they are being treated unfairly" People can feel they are being treated unfairly for a number of reasons, but we should make it clear that there are a few kinds of fairness that people care about, and they are not always mutually compatible. Fairness of treatment refers to procedural guarantees, and fairness of outcome refers to how equitable people feel the result of the process was. Conservatives tend to value the former, and liberals tend to value the latter. >"I believe we will eventually progress to the mean here but until then there are people feeling cheated. The trade agreements and bank bailouts did not consider the displacement in the near term and thus has created a growing group that is angry due to feeling that the system is not fair." You should be careful about making sweeping predictions based on simple theories, as they have the unfortunate tendency to be wrong. Tetlock's book is a good read on the subject of predictions and judgement if you are interested.[1] [1] http://press.princeton.edu/titles/7959.html http://press.princeton.edu/titles/7959.html

The definition of price doesn't really demonstrate anything.

nickff 11y ago

The Wikipedia entry is titled 'price', but is actually mostly about price theory.

nemo44x 11y ago
The theory might be sound but the effects of policy unilaterally advantage the capitalist at the expense of the local worker. This is why people feel they are being treated unfairly. They are competing with other groups around the world who haven't caught up yet. I believe we will eventually progress to the mean here but until then there are people feeling cheated. The trade agreements and bank bailouts did not consider the displacement in the near term and thus has created a growing group that is angry due to feeling that the system is not fair.
- nickff 11y ago
  Price theory shows how businesses don't 'mark up' to generate prices; they sell for as much as they can, whether at a loss or a profit. >"policy unilaterally advantage the capitalist at the expense of the local worker" This is obviously untrue, and can simply be demonstrated by looking at how many of the supposedly disadvantaged workers strike out on their own, and form new businesses; if it were so easy and so sure, everyone would be doing it. Most employees with enough money to form a business in their field do not, because they do not think it is worth it. >"people feel they are being treated unfairly" People can feel they are being treated unfairly for a number of reasons, but we should make it clear that there are a few kinds of fairness that people care about, and they are not always mutually compatible. Fairness of treatment refers to procedural guarantees, and fairness of outcome refers to how equitable people feel the result of the process was. Conservatives tend to value the former, and liberals tend to value the latter. >"I believe we will eventually progress to the mean here but until then there are people feeling cheated. The trade agreements and bank bailouts did not consider the displacement in the near term and thus has created a growing group that is angry due to feeling that the system is not fair." You should be careful about making sweeping predictions based on simple theories, as they have the unfortunate tendency to be wrong. Tetlock's book is a good read on the subject of predictions and judgement if you are interested.[1] [1] http://press.princeton.edu/titles/7959.html http://press.princeton.edu/titles/7959.html