The Law of Returns

We have concluded that the value of each unit of any good is equal to its marginal utility at any point in time, and that this value is determined by the relation between the actor’s scale of wants and the stock of goods available. We know that there are two types of goods: consumers’ goods, which directly serve human wants, and producers’ goods, which aid in the process of production eventually to produce consumers’ goods. It is clear that the utility of a consumers’ good is the end directly served.

‎”I do not ask that you place hands upon the tyrant to topple him over, but simply that you support him no longer; then you will behold him, like a great Colossus whose pedestal has been pulled away, fall of his own weight and break in pieces.” -Étienne de La Boétie

According to Bloomberg, banks are beginning to push short sales consistently for the first time since foreclosures began to pile up back in 2008. Prices really began to fall before the financial crisis, as early as mid-2007 in some places, but banks have long placed numerous obstacles in the way of homeowners who tried to sell their homes for what they were actually worth in the marketplace.

My son was upset when he returned home from his minimum wage job at a local grocery store. Seems he was confronted with, “The assistant manager is hopping mad about something you did,” as soon as he entered the door. His mind raced. What had he done? He took a breath, composed himself, and headed toward her office.

And she was mad. Turns out my son — who is new to the job — had taken only a 15-minute break instead of the state-mandated 30-minute break on three separate occasions — an offense the assistant manager said could cost the store $10,000 per occurrence, $30,000 in all.