Price dispersion is a manifestation - and, indeed, it is the measure - of ignorance in the market. Dispersion is a biased measure of ignorance because there is never absolute homogeneity in the commodity if we include the terms of sale within the concept of the commodity. Thus, some automobile dealers might perform more service, or carry a larger range of varieties in stock, and a portion of the observed dispersion is presumably attributable to such differences. But it would be metaphysical, and fruitless, to assert that all dispersion is due to heterogeneity.
George StiglerRelated topics
carry concept dispersion due heterogeneity homogeneity ignorance manifestation market might measure sale service thusRelated quotes
Here is a principle to use in all aspects of economics and policy. When you find a good or service that is in huge demand but the supply is so limited to the point that the price goes up and up, look for the regulation that is causing it. This applies regardless of the sector, whether transportation, gas, education, food, beer, or daycare. There is something in the way that is preventing the market from working as it should. If you look carefully enough, you will find the hand of the state making the mess in question.
Jeffrey Tucker
My immediate consciousness, my absolute perception, cannot go beyond myself, - I have immediate knowledge only of myself, whatever I know further I know only by reasoning, in the same manner in which I have come to those conclusions concerning the original powers of Nature, which certainly do not lie within the circle of my perceptions. I, however, - that which I call myself, - am not the man-forming power of Nature, but only one of its manifestations; and only of this manifestation am I conscious, not of that power, whose existence I have only discovered from the necessity of explaining my own.
Johann Gottlieb Fichte
Real economic efficiency implies including all resources that affect sustainable human well-being in the allocation system, not just marketed goods and services. Our current market allocation system excludes most non-marketed natural and social capital assets and services that are critical contributors to human well-being. The current economic model ignores this and therefore does not achieve real economic efficiency. A new, sustainable ecological economic model would measure and include the contributions of natural and social capital and could better approximate real economic efficiency.
Robert Costanza
We have for a long time hesitated to adopt and carry out the only principle which can solve that difficulty and give peace, strength and security to the republic, and that is the principle of absolute equality. We are a country of all extremes, ends and opposites. The most conspicuous example of composite nationality in the world. Our people defy all the ethnological and logical classifications. In races we range all the way from black to white, with intermediate shades which, as in the apocalyptic vision, no man can name or number.
Frederick Douglass
Ralph Nader's the guy. If Ralph Nader had become president, we would not have had the problems. Everything he says is correct. He said, "Don't tax food. Tax the stock market. Every time somebody trades stock, put another tax on it..." Every time you trade, they take a service fee, five bucks or something. That's bullshit. The government should get it and give it to me while I live in my refrigerator box. I don't mean me, I mean us undergrounds. Nader was right on. Everything he said was right on and the media treated him like a clown. The media treated him worse than they treat Troma.
Lloyd Kaufman