Straight Talk: Basic economics

Economist Thomas Sowell makes a salient point about the function of pricing in his book “Basic Economics: A citizen’s guide to the economy.” When the number of people who want a product exceeds the supply, pricing reduces the number of people who get access to the product, he explains. The smaller the supply, the higher the price — making the product accessible to a smaller group of people. Philosophers, economists and others have argued for centuries about the justice or fairness of this principle. As egalitarian as we would like to think our culture . . .

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