Sunday, April 17, 2011

A poorly understood but critical message

“when everyone figures out how to get oil into tank cars, or cheap steel from Masabi ore, or close monitoring of retail inventories by computers, the profit goes back to normal, and we, poor exploited things, are left with cheaper kerosene and cheaper steel, and retail goods 30% cheaper than charged by our good neighbours the local hardware and clothing monopolists on Main Street.”  Deidre McCloskey, Bourgeois Dignity,  Univ Chicago Press, 2010.

Brent

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