- Master of Time
- Posts: 4656
- Joined: October 13th 2010, 10:00pm
- Location: Peace River, Alberta
[edited] Let's leave what a market is "supposed" to be to the politics threads.
As for market failure: there is no market failure involved. No matter how bad an idea you think the watch is, but also (and important) no matter how good an idea others might think it is, you don't have to buy one--unlike as happens in command economies.
And yes, all economic valuations are subjective. As I repeat from my friend: "There is no such thing as a value apart from a *valuer*."
"That stone buddha deserves all the birdshit it gets. I wave my skinny arms like a tall flower in the wind." Ikkyu