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Greed and Capitalism

 
 
Reply Mon 9 Aug, 2010 08:30 pm
I was visiting a local convention and one of the other guests started complaining about paying $8.50 for a small salad. They kept going on and on about how businesses are so greedy, dishonest, etc. After a while, I finally pointed out that the only reason why that business was getting away with charging $8.50 for a salad was because some people were gullible enough to pay for it. If nobody bought a salad at that price, the business would lower it in order to keep making money above cost. I then suggested that the problem wasn't necessarily with greedy businesses but rather with uninformed or lazy consumers.

This wasn't a very popular opinion though. I guess it's easier for people to place blame elsewhere instead of admitting their own failings for not being smart enough to drive a few miles for a cheaper meal.
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Type: Discussion • Score: 3 • Views: 2,183 • Replies: 9
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mark noble
 
  1  
Reply Mon 9 Aug, 2010 09:43 pm
@Night Ripper,
Hi NR!

I agree! It is the consumer who drives up the price of resources and the produce thereof. There is always someone who self-reverently attempts to convince others of the higher quality due to higher price also.

I always take sandwiches and a flask of tea.

Kind regards!
mark...
0 Replies
 
BillRM
 
  1  
Reply Tue 10 Aug, 2010 03:30 am
@Night Ripper,
If the business is local in a hotel or other high price location that businessman selling his small salad or whatever may not be making all that great a profit on it.

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OmSigDAVID
 
  1  
Reply Tue 10 Aug, 2010 04:43 am
@Night Ripper,
Night Ripper wrote:
I was visiting a local convention and one of the other guests started complaining about paying $8.50 for a small salad. They kept going on and on about how businesses are so greedy, dishonest, etc. After a while, I finally pointed out that the only reason why that business was getting away with charging $8.50 for a salad was because some people were gullible enough to pay for it. If nobody bought a salad at that price, the business would lower it in order to keep making money above cost. I then suggested that the problem wasn't necessarily with greedy businesses but rather with uninformed or lazy consumers.

This wasn't a very popular opinion though. I guess it's easier for people to place blame elsewhere instead of admitting their own failings for not being smart enough to drive a few miles for a cheaper meal.
Well said, and SO STIPULATED!





David
0 Replies
 
Zetherin
 
  2  
Reply Tue 10 Aug, 2010 10:52 pm
Night Ripper, I know this is off-topic, but I don't know where else I can ask you this:

What happened to your determinism thread? It seems to have magically disappeared!
laughoutlood
 
  1  
Reply Tue 10 Aug, 2010 11:15 pm
@Night Ripper,
Quote:
$8.50 for a small salad


consumers are caught up in a salad sandwich

please translate to mandarin
0 Replies
 
Khethil
 
  1  
Reply Wed 11 Aug, 2010 05:28 am
@Night Ripper,
Night Ripper wrote:
I then suggested that the problem wasn't necessarily with greedy businesses but rather with uninformed or lazy consumers.

I think you're correct to a point. Ideally, if consumers aren't willing to pay high costs then businesses either lower the cost (to get that business) or simply stop carrying the item.

But its a whole lot more complicated; so much so, that I think its inaccurate to attribute all (or even most) of the cause for high prices to that aspect. In this case, there are likely other more pressing factors such as; cashing in on what consumers are likely to perceive as a 'healthy' choice (opportunity), the high cost of fresh vegetables (necessity), the fact that most people are willing to pay more for that healthy part of a meal (opportunity) and more.

Ultimately; yes. If people stopped paying high prices one - theoretically - shouldn't see them. But as other factors drive costs up, everyone jumps on the train (I'm not going to charge $5 for a salad if all the other owners are getting away with $8).

There's a lot of factors, aside from calling someone lazy, that goes into this mix.

Thanks
0 Replies
 
BillRM
 
  1  
Reply Wed 11 Aug, 2010 05:47 am
There is a great book by the name of The Undercover Economist that explain pricing and it is far far far more complex then greed and evil captialism.
0 Replies
 
EmperorNero
 
  1  
Reply Tue 17 Aug, 2010 12:00 pm
@Zetherin,
Zetherin wrote:
What happened to your determinism thread? It seems to have magically disappeared!

I was looking for it too, but could not find it.
0 Replies
 
OmSigDAVID
 
  2  
Reply Tue 17 Aug, 2010 12:03 pm

Let the record indicate that I LOVE greed & capitalism; laissez faire capitalism.





David
0 Replies
 
 

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