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Date: | Fri Mar 31 17:18:26 2006 |
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----------------- HES POSTING -----------------
Surely, the origin of supply and demand curves has to be
somewhere in medieval heraldry -- some kind of graphic
representation of crossed swords that would be the counterpart to
the knight's extension of the right hand in peace as the ritual
source of the commercial handshake. To admit as much, though,
might call too much attention to the unresovable ambiguity of price.
If price was unambiguous, all the supplementary paraphenalia like
handshakes, contracts and receipts would be superfluous. Inherent
in any market exchange -- IN ADDITION TO supply and demand --
is the potential for misrepresentation, deception, fraud, treachery.
Thus the "supplement" is indispensable, and as a consequence
the intersection of the supply and demand curves CANNOT
represent price because the curves themselves don't include that
supplement.
Tom Walker
TimeWork Web
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