Showing posts with label Scarcity. Show all posts
Showing posts with label Scarcity. Show all posts

Wednesday, June 3, 2009

Revealed: the bid to corner world's bluefin tuna market


Read this link. It is a tragic story that illustrates some basic ideas in economics:
  • Limited resources
  • Unlimited wants
  • How limited supply increases equilibrium price
  • Business not being interested in the social costs of its actions