Episode 244: The Nature of Exchange, pt. 2
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How to Measure Profit on the Consumer Side
We can't measure the profit on the consumer side, but it's there nonetheless. One of the first times I went to Istanbul and was walking around, it's my favorite place in the world. And that's a beautiful opportunity to learn how things work in a place that you don't quite understand. A shopkeeper tried to sell me something and said, well, surely you sell mostly Turkish rugs, right? And he said, those are from China. But then something terrible happened. Those little old ladies out in the villages,. they found out what their rugs were really worth. Yep. They started selling them themselves. To the customer, this became a price cut because they went
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