( credit: Ali Eminov CC BY)

Value, imagined

Is the value of stuff we buy, from grapefruit to airline seats, in the mind of the beholder?

Magic doesn’t really exist, but in a way, economics comes close. Contrary to what common wisdom maintains, there is something that is pretty much a free lunch: the miracle of trading. Just think about it: I’m going to the greengrocer’s to get my weekly ration of grapefruit, and come…

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