You say the monopolist cannot unilaterally set prices, whilst this might be technically true, it is in certain circumstances to all practicallity to be considered wrong. That is, the monopolist can extract such a high price for good i must have, that there isn't much to be differentiated between taking everything i have and reducing me to such impoverished state as i might wish i was dead anyway.
@Hythloday71 not necessarily. the business has to stay in business somehow. if their price is over the average price of many, the business owner either has to lower his price to enable more profit or keep with his high price which satisfies less people, less profit, etc. you say that under certain circumstances, this is not the case, can you give me a historical example?
@cobracarg - Historical, i don't know. But i would say present day landlords extract a pretty good price which prevents many from afording a purchase.
@Hythloday71 When they're reaping such a good profit, you ought to ask: Why does the supply not rise if it's profitable to be a landlord? Analogy: People want ipads and touch screen phones, Apple is the only company that does it and reaps nice profit. Other companies quickly jump in with lower prices and comparative or better products and lower the prices of such devices by increasing supply (demand being constant). This also reduces Apple's profit.
It's a really nice effort but...firstly you introduced the concept of money to early, secondly you didn't explain what price is. Try to explain where money came from and then try to explain what price is. In other words: too much too fast.
@2010xxyyzz That is the problem with 'concise'. For an explanation given in under ten minutes, I thought this was quite succinct.
Well done lifeishowitis. I hope you will do something similar for all the essential aspects of Austrian theory. I hold it as an axiom, that one truly understands a thing, when one can clearly and effectively teach that thing.
I am not usually gay ... However, I would totally put out for Mr 3. I am into guys with money.
aaron0883 7 months ago
Really good. If this is your first effort at an animated video you did great!
davyjames 7 months ago 2
@davyjames It is! And thank you!
lifeishowitis 7 months ago
Excellent job, Professor Vreeland! This makes me happy.
vasqus 7 months ago
You say the monopolist cannot unilaterally set prices, whilst this might be technically true, it is in certain circumstances to all practicallity to be considered wrong. That is, the monopolist can extract such a high price for good i must have, that there isn't much to be differentiated between taking everything i have and reducing me to such impoverished state as i might wish i was dead anyway.
Hythloday71 7 months ago
@Hythloday71 not necessarily. the business has to stay in business somehow. if their price is over the average price of many, the business owner either has to lower his price to enable more profit or keep with his high price which satisfies less people, less profit, etc. you say that under certain circumstances, this is not the case, can you give me a historical example?
cobracarg 7 months ago
@cobracarg - Historical, i don't know. But i would say present day landlords extract a pretty good price which prevents many from afording a purchase.
Hythloday71 7 months ago
@Hythloday71 zoning laws = free market?
CernelJoson 7 months ago
@Hythloday71 When they're reaping such a good profit, you ought to ask: Why does the supply not rise if it's profitable to be a landlord? Analogy: People want ipads and touch screen phones, Apple is the only company that does it and reaps nice profit. Other companies quickly jump in with lower prices and comparative or better products and lower the prices of such devices by increasing supply (demand being constant). This also reduces Apple's profit.
rumco 7 months ago
@rumco - supply not rise ? Land is a finite commodity !
Hythloday71 7 months ago
@Hythloday71 Please rewatch the video again, she does cover all your points and explains it in detail.
vasqus 7 months ago
It's a really nice effort but...firstly you introduced the concept of money to early, secondly you didn't explain what price is. Try to explain where money came from and then try to explain what price is. In other words: too much too fast.
2010xxyyzz 7 months ago
@2010xxyyzz That is the problem with 'concise'. For an explanation given in under ten minutes, I thought this was quite succinct.
Well done lifeishowitis. I hope you will do something similar for all the essential aspects of Austrian theory. I hold it as an axiom, that one truly understands a thing, when one can clearly and effectively teach that thing.
Panpiper 7 months ago