by anderson » Wed Jan 26, 2011 9:09 pm
Made a lengthy post, earlier only to have it lost because the site logged me out while drafting the post.
Arggh.
To sum up the gist of it, however, there is one resource in the economy that is indisputably scarce - people's time, divided amongst taking care of physiological, intellectual, social, and emotional needs and desires. If another person can come forward and provide a good or service that can save someone a certain number of his limited hours, he is going to be willing to pay the fruits of some lesser number of hours of his own paid efforts. In general if someone can offer something - good or service, that is valuable to us by whatever tangible and intangible measures we use to assess what is a useful or wise expenditure of the limited fruits we ourselves are able to win through our own provision of useful goods or services, then we will pay for it.
Last edited by
anderson on Wed Jan 26, 2011 9:28 pm, edited 1 time in total.