Econopunks FAQ, Ver. 0.98

[Duncan Frissell <frissell@panix.com>]

What is a Fair Price for a good or service?

There is no such thing as a Fair Price.  There are only the prices paid by
willing buyers and sellers.  These are generally called market prices.  Many
factors influence price including cost of production and product
characteristics but the only determinants are the desire of market actors to
complete transactions at given prices.  You may think that you are smart
enough to decide what a good or service should sell for, but if you're not
putting cash on the barrel head, you're not even part of the process of
arriving at the "price".

*******

Just a suggestion to future Econopunks posters: Try not to post the
economics equivalent of the "Can't you make an unbreakable code by running
the plaintext through a Caesarian Cypher 7500 times?" question.

DCF

"No good or service should be sold for more than its cost of production --
therefore, all you folks who are ripping off your employers must report to
the slave barracks where you will be provided with triple bunks (hot
bunked), all the rice and beans needed to sustain life, a multivitamin
tablet daily, and loads of clean water."