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This is so true. The problem is that the price people are willing to pay can go to really, REALLY high for some items because there really is no alternative. (C
by rhacker 4y ago
This is so true. The problem is that the price people are willing to pay can go to really, REALLY high for some items because there really is no alternative. (Cars, Wood/Housing, Raw materials like steel)
- skeeter2020 4y agoyou're talking about price elasticity and the role of substitutes, for which economists also have simple models that always get over-applied :)
- eurasiantiger 4y agoTheories in economics are not falsifiable, thus economics is not hard science. Some would argue it’s not science at all, since it provides no objective information.
- mushbino 4y agoEconomics is inseparable from political economy. It's entirely ideology driven and in no way scientific.
- seanp2k2 4y agoIt’s fun to look up economists opinions on markets, since you can almost always find opposing views. It’s like the weather people, where there’s no downside to being wrong.