tag:blogger.com,1999:blog-3471471289744825428.post209627075332360108..comments2024-03-11T00:31:41.186-07:00Comments on The Oregon Economics Blog: Economist's Notebook: Markets and PolicyPatrick Emersonhttp://www.blogger.com/profile/17242234148546323374noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-3471471289744825428.post-77676607548076390992007-11-01T13:47:00.000-07:002007-11-01T13:47:00.000-07:00BTW, the link to the data on rising inequality in ...BTW, the link to the data on rising inequality in Oregon begs a post on inequality.<BR/><BR/>I will do so soon.Patrick Emersonhttps://www.blogger.com/profile/17242234148546323374noreply@blogger.comtag:blogger.com,1999:blog-3471471289744825428.post-30693691829685574332007-11-01T13:40:00.000-07:002007-11-01T13:40:00.000-07:00Jeff - inequality will not affect market efficienc...Jeff - inequality will not affect market efficiency in the way you are thinking about it. Remember, efficiency is a technical term that is most easily though of as all mutually beneficial transactions that could take place do (and I could add: given present circumstances). However, you seem to be alluding to the fact that markets may come and go and if, for example, too many people become rich, the market for, I dunno, cheap winter jackets may simply disappear leaving low income individuals - wait for it - out in the cold! (economist humor). This is potentially true if there are, for example, economies of scale in the production of jackets. But this is a slightly different thing - it may no longer be economically feasible to supply winter coats at a low enough price, but then the absence of a market is, once again, efficient. <BR/><BR/>Jessica - thank you very much, I am glad you found my blog.Patrick Emersonhttps://www.blogger.com/profile/17242234148546323374noreply@blogger.comtag:blogger.com,1999:blog-3471471289744825428.post-24937069647303112342007-11-01T13:25:00.000-07:002007-11-01T13:25:00.000-07:00Just wanted to let you know that I enjoy reading y...Just wanted to let you know that I enjoy reading your blog and your take on economics. I minored in econ many moons ago but have sinced not used anything I may have learned. Thanks for making me think about these things again!jessibeaucouphttps://www.blogger.com/profile/12654962877354651499noreply@blogger.comtag:blogger.com,1999:blog-3471471289744825428.post-26888149973679734942007-11-01T13:04:00.000-07:002007-11-01T13:04:00.000-07:00I will digest this over time and probably refer ba...I will digest this over time and probably refer back to it when I forget the four mitigating factors. But, since I am in a mind of <A HREF="http://www.blueoregon.com/2007/10/snapshots-of-gr.html" REL="nofollow">this post on BlueOregon</A>, which shows stagnant wages for the bottom four quintiles in Oregon, here's a thought: could the increasing income disparity begin to affect markets? <BR/><BR/>In my crude thinking, I imagine a situation in which five people each have $20 and they buy things from one another. Eventually, one of the people is more clever and begins to make smart decisions so his wealth increases. At a certain point (when he has $60, $80, $90?) their exchange is going to be hampered. Dunno where I'm going with that. It just seems like another market factorJeff Alworthhttps://www.blogger.com/profile/02930119177544342495noreply@blogger.com