one red paperclip
How one Canadian guy started off with one red paperclip and by repeatedly trading it up for more valuable items has finally bought a house.
For the full story see: one red paperclip
So nothing is impossible!
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November 23rd, 2007 at 3:41 pm
This is a perfect illustration of the economists’ ‘Buyer Utility’.
From the classic demand and supply graph, the market (clearance) price is found where he demand curve intersects the supply curve - but remember, before reaching the intersection (left side of the demand curve), many people are prepared to pay more than the market price because they get more utility i.e. its more valuable to them than the asking price.