"The price-rule compliance issues must be addressed by the people who created them directly with the people who are demanding them." and what the heck is the "price-rule"?
2006-11-08 11:53:01 · 1 answers · asked by Anonymous in Arts & Humanities ➔ History
Check out the Paul Volcker discussion about a third of the way down. "Price-rule" is an economic term concerning monetary policy. What may have been meant by Galloway was a rejection of the mechanical or arithmetic process driving economic activity. Essentially, we have people who look at a product on a shelf, see it is labeled $2 and decide if the $2 in their pocket is worth more to them than the product on the shelf. If they go to another vendor and the price for the same product is $1 and it is worth more to the consumer to have the product than the $1 in their pocket, then price rules the decision-making. On the other hand, some people will see the $2 product and haggle--"The other store has it for a dollar. I don't want it for two dollars, why do you have to have two dollars? I will give a dollar. No? Then I won't buy. What? How is this different or better than the other so that it is worth twice as much? No, but I will pay $1.5. No, $1.75 is too much, $1.50 is too much, but I've invested time and now I have to go to the other store. No, I'm only willing to do $1.25 now. Okay, here is $1.50 then.--price didn't rule, it was addressed directly by the parties of the exchange, "the people who created them with the people who are demanding them."
Price-rule is also a legal concept, but that is another story.
2006-11-09 06:53:53 · answer #1 · answered by Rabbit 7 · 0⤊ 0⤋