Re: US Presidents; an outside view WAS: Any comments? (Evolution - was Answers to Pete)

On Thu, 27 Apr 2006 14:29:52 GMT, "Oliver Wong" <owong@xxxxxxxxxxxxxx>
wrote:

So under this definition, the price (and thus the value) of things can
fluctuate over time. But usually, as economists, we're not interested in the
"absolute value" of things, but rather the relative value. Let's say I have
2 chickens, and you have 2 ducks, and "the market" has determined that the
value of a duck is $20, and the value of a chicken is $20. We want to trade
with each other, but we don't actually have any currency, so I give you one
of my chickens, and in exchange, you give me one of your ducks.

The reason you make the trade is because each of you is valuing the
other person's foul as more valuable. Each of you is gaining by the
trade.

And let's say the trade was to get breeding stock - each of you made a
long term gain that can be counted with every chick hatched.

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