Jim Devine wrote: > > I've never understood why novelty is always good. Wasn't crack cocaine > a novelty? high tech germ warfare?
Novelty is always good because the market process moves recourses from low value uses to high value uses; because arbitrage will weed out the undesirable and leave only the good and holy. As Veblen once wrote: "Whatever form of expenditure the consumer chooses, or whatever end he seeks in making his choice, has utility to him by virtue of his preference.... The question of wastefulness does not arise within the scope of economic theory proper." _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
