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Characteristics of information goods markets
Characteristics of information goods markets - Trends
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as people become wealthier, they will buy more and more of the luxury good. This also means, however, that should there be a decline in income its demand will drop. Income elasticity of demand is not constant with respect to income, and may change sign at different levels of income. That is to say, a luxury good may become a normal good or even an inferior good at different income levels, e.g. a wealthy person stops buying increasing numbers of luxury cars for his automobile collection to start collecting airplanes (at such an income level, the luxury car would become an inferior good). [ citation needed ] The concept of luxury ...
The myth of public goods is based on the belief that there are special things that everybody needs, but nobody will pay for. The priests perpetuating this myth include self-interested professors who spend a lifetime informing young, bright-eyed students about the magical qualities of these special goods that can only be provided by popular people with big guns. The media reports on the provision of these special goods and services as if this violently engineered operating system was mandated from the heavens. The democratic-corporate state is therefore a necessary evil that ... Read More
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