Re: [Pen-l] The Ratchet Effect

[Jim Devine <jdevine03@xxxxxxxxx>]

Eugene Coyle wrote:
> Jim,  I'm traveling and my copy of Duesenberry will remain out of reach for
> a week yet.  I'll take a look.  But the bit Charles quoted was not about
> consumer behavior but about manufacturers and vendors adding bells and
> whistles to products to induce additional sales and/or higher prices.  For
> that you need Edith Penrose, not Duesenberry.
>        I'll stick with Marglin's economics rather than Friedman's ideology.

It really doesn't matter who invented the ratchet effect. It applies
to a lot of things, including the average price of manufactured goods.
It also goes against the metaphysical assumption that dominates
neoclassical economics, that symmetry applies to economics the way it
does to physics.
-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
_______________________________________________
pen-l mailing list
pen-l@xxxxxxxxxxxxxxxxxx
https://lists.csuchico.edu/mailman/listinfo/pen-l