A Quote by Adam Smith
People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.
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People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty or justice. But though the law cannot hinder people of the same trade from sometimes assembling together, it ought to do nothing to facilitate such assemblies; much less to render them necessary.
Under the antitrust laws, a man becomes a criminal from the moment he goes into business, no matter what he does. If he complies with one of these laws, he faces criminal prosecution under several others. For instance, if he charges prices which some bureaucrats judge as too high, he can be prosecuted for monopoly or for a successful 'intent to monopolize'; if he charges prices lower than those of his competitors, he can be prosecuted for 'unfair competition' or 'restraint of trade'; and if he charges the same prices as his competitors, he can be prosecuted for 'collusion' or 'conspiracy.'
In fact, I point out that all the conspiracies in history - especially during the last 5000 years - are actually different aspects of the same conspiracy. Some people fixed on one aspect of the conspiracy, and say this is the problem, others say another thing, but the thing is all the conspirators work together. All the conspirators are part of the same operation. And this is what people find very reluctant.
Everything is a conspiracy. People kind of demonize the word. But a conspiracy is when two people get together and do something. So, if more than one person does something, it's a conspiracy. The revolution was a conspiracy, Iran Contra, Watergate.
For some people, every door opens, and they meet just who they need to meet when they need to meet them, all the conditions come together. For other people, there is one problem after the other, even though they are so sincere. And from a Tibetan point of view, this is because of a lack of merit.
I asked one retailer, I said, "Let me ask you, are you going to raise prices next year?" They looked at me and said, "Not only are we not going to raise prices, we're going to have to lower prices, increase the quality of the goods, and turn the inventory quicker."
People want to buy cheap and sell dear; this by itself makes them countertrend. But the notion of cheapness or dearness must be anchored to something. People tend to view the prices they’re used to as normal and prices removed from these levels as aberrant. This perpective leads people to trade counter to an emerging trend on the assumption that prices will eventually return to “normal”. Therein lies the path to disaster.
The crusade to convince us that global warming can only be dealt with by wealth destruction and higher energy prices began with an effort to 'raise awareness,' which turned into some delicate nanny-state prodding before efforts to artificially inflate prices.
A conversation is a dialogue, not a monologue. That's why there are so few good conversations: due to scarcity, two intelligent talkers seldom meet.
'SNL' is one of those jobs where you are constantly reminded of how lucky you are and that you get to meet some of these people whose work you enjoy. Then you get to meet them, and they are just wonderful people. It turns out wonderfully, and you have a great conversation.
Trade may raise GDP. But it does make some people worse off.
We often take for granted the notion that some people are insiders, while others are outsiders. But such a notion is a social contrivance, that, like virtually every public construct, is a legacy of a primordial and tribal mentality.
Putin and his advisers don't understand the power of public opinion in the West. They believe in conspiracy theories and that someone is orchestrating a malicious campaign against Russia. They don't realize that even conservative politicians have to react when newspapers and artists express their concern on such an issue.
Increasingly prices are set by sellers to raise their prices without a loss of sales sufficient to wipe out the gain.
The biggest one [trade deal], a multinational one known as CAFTA, I voted against. And because I hold the same standards as I look at all of these trade deals.
Increased tariffs and a weakened pound would mean higher food prices, hurting the poorest families - and the women trying to make ends meet at the heart of them - the most.
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