12/30/2023 0 Comments Bioshock infinite key to library![]() ![]() (The US Supreme Court just decided a case on this -Kirtsaeng v. It turns out this is not only true, but book publishers make use of this fact to sell books more expensively in the US and more cheaply in Thailand. Now, take a very productive American, drop him in Thailand, and it’s like everything is being sold for pennies. In fact, because Thailand is poor, prices and quantities are likely to be lower because the poor have lower demand schedules, but the supply curve hasn’t moved. If there is no trade, we have no exchange rate for the currency -but that doesn’t mean prices must be the same in both countries. ![]() The complaint seems to be “why is the same computer game cheaper in the US than in Australia?” Which is analogous the question “why is the same textbook cheaper in Thailand than in the US.” Thailand is a poor place, and therefore also an unproductive place (assuming we believe that incomes=marginal production -and if we don’t then we might as well stop now, because that torpedoes the GDP measure). The argument itself, however, is not implausible. Whether the argument is correct, I don’t have time to find. ![]()
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