The World Megaphone Holders
Groucho Marx was famous for saying, "Who're you going to believe, me or your own eyes?" Certainly a hilarious line, because it so deliciously parodies those who try like the dickens to pass their elaborate prevarications right past our mendacity radar detectors.
Tricky part is that the best World megaphone holders know this and utter the Groucho line quite regularly for the purpose of getting people to buy in bulk what they're selling. Here's one:
On my customized Google page today was this Rule of Thumb gem: "An economic rule of thumb says every penny per gallon rise in gasoline prices takes about $1 billion out of the economy."
Most will look at that and go, "Arrgggh Raggharl Errrghllrgh!..." Kind of like the Tazmanian Devil only more righteous.
Here's the question I have, though.
That $1 billion. From where does it go, and to where does it go?
There is no question most approach this question with a great big "Guh?..." hovering over their heads. They have this tepid presumption that somehow gas companies are stealing money from us. I'm not saying they aren't, they could indeed be exploiting the asymmetry of information in the market as much as anyone.
What strikes me about this Rule of Thumb quote is simply the implicit claim that something of value should be somewhere the economist who states it thinks it should be. "$1 billion is missing, and it should otherwise be here! Help! Call the regulators! Hurry!..."
Hey, I've got to stop. I've been putting more of the brakes on exhausting myself running around with this stuff, at least for a brief season. I've already put enough sweat into my latest home page piece all about this "value" thing, and the crazy ways the World handles it.
With this blog post I've simply wanted to extend a gracious invitation for you to get a bit more into the difference in the ways value assessments are made. If you have a moment, let me know what you think.
Tricky part is that the best World megaphone holders know this and utter the Groucho line quite regularly for the purpose of getting people to buy in bulk what they're selling. Here's one:
On my customized Google page today was this Rule of Thumb gem: "An economic rule of thumb says every penny per gallon rise in gasoline prices takes about $1 billion out of the economy."
Most will look at that and go, "Arrgggh Raggharl Errrghllrgh!..." Kind of like the Tazmanian Devil only more righteous.
Here's the question I have, though.
That $1 billion. From where does it go, and to where does it go?
There is no question most approach this question with a great big "Guh?..." hovering over their heads. They have this tepid presumption that somehow gas companies are stealing money from us. I'm not saying they aren't, they could indeed be exploiting the asymmetry of information in the market as much as anyone.
What strikes me about this Rule of Thumb quote is simply the implicit claim that something of value should be somewhere the economist who states it thinks it should be. "$1 billion is missing, and it should otherwise be here! Help! Call the regulators! Hurry!..."
Hey, I've got to stop. I've been putting more of the brakes on exhausting myself running around with this stuff, at least for a brief season. I've already put enough sweat into my latest home page piece all about this "value" thing, and the crazy ways the World handles it.
With this blog post I've simply wanted to extend a gracious invitation for you to get a bit more into the difference in the ways value assessments are made. If you have a moment, let me know what you think.
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