Subject:
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Re: Honest Capitalism (Was Re: DYA -> eBay 8880 money-making scheme)
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Newsgroups:
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lugnet.general, lugnet.market.theory
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Date:
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Tue, 7 Sep 1999 00:10:10 GMT
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Viewed:
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13 times
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In lugnet.general, Paul Baulch writes:
> Larry Pieniazek wrote in message <37D14FD9.3E0F3C70@voyager.net>...
> > Totally agree with Mike here (1) Arbitrage is a good thing. Arbitrage
> > also drives prices to where they belong. Taking advantage of market
> > inefficiencies in and of itself increases the efficiency of the overall
> > market in the long run.
>
>
> I'm in way over my head when it comes to understanding economics. I'll
> accept your explanation of arbitrage, despite still not understanding how it
> is better than simply spreading market information, let alone how it benfits
> human beings. I guess that's just how our economies work, eh?
Economies work on an incentive system. How do I make money by telling people
where to shop? I don't. So why do the work (expenditure of time and energy)
for free?
>
> > My take is be honest. I'd even go so far as to reveal my sources. Your
> > mileage may vary.
>
>
> Ok, well my opinion is that making money from "undivulged" information is
> not exactly honest regardless of whether or not someone asks for that
> information. Don't get me wrong, I don't mean to imply it's in the ballpark
> of "grabbing purse from old lady" dishonest! Just a teensy bit dishonest.
Not really. Undivulged information could be how to fix your business. After
all, a consultant just knows how. You pay for his knowledge. I know I will
have Lar's backing on this!
> In
> moral terms, then, the justification seems to be that the benefit to the
> economy "helps" enough people to compensate for this. Am I making sense?
If the compensation is not present, then people won't do the work. If you are
not willing to pay for them, don't use the middle man. If you don't know how
to go around them, then you are in the same boat as me - I can't go around TRU
to get my Lego, so I just pay the mark-up and live with it.
remainder snipped...
Mike Poindexter
Economist (and you got my information for free...)
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