The Marginal Home Buyer by Gary North
"Modern economic theory rests on the insight that what takes place between a buyer and a seller at the margin – one of these in exchange for two of that – is the central economic fact of pricing. The price of some item at the margin is imputed to all other goods of the same class.
Every mania is therefore an imputed-price mania. It cannot be sustained beyond the ability and willingness of the last marginal buyer to pay an equity-raising price to the last marginal seller." More...
Every mania is therefore an imputed-price mania. It cannot be sustained beyond the ability and willingness of the last marginal buyer to pay an equity-raising price to the last marginal seller." More...
posted by Little_Silvered at 9:10 AM
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