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4min chapter
Housing Bubble Week Epilogue: Not All Bubbles Are Created Equal - Vernon Smith
The Joe Walker Podcast
The Contrast in Markets for Perishables
In the modern economy most consumer goods cannot be retreated. Most 70% of private final products are hamburgers haircuts in hotel room. Those are things that you don't buy those to resell. You can't imagine a haircut without you see it's part of the service. All services are that way and of course services bulk large and in final goods. So that's what gives the economy so much stability, think of that as a big flywheel.
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