On Mar 26, 2007, at 5:56 PM, David B. Shemano wrote:
"But the pearls are all gone!" That is your prediction of the market process. But to the contrary, eventually our entrepeneur would start farming his pearls, which is exactly what now occurs, and there are plenty of pearls (at a price). Score another one for the market.
Maybe someone else has made this point, I'm not following this as closely as I should, but you must realize that pearls (and gold and diamonds) are not typical commodities at all. People value them for precisely the sorts of subjective reasons that you want to generalize from, but which don't really apply to more mundane things, like speakers, computer printers, onions, or even haircuts. Doug
