Chapter 4
Living in the Digital World
The Cat this time vanished quite slowly, beginning with the end of the tail, and ending with the grin, which remained some time after the rest of it had gone. “Well, I’ve often seen a cat without a grin,” thought Alice, “but a grin without a cat! It’s the most curious thing I ever saw in all my life!”
—LEWIS CARROLL,ALICE’S ADVENTURES IN WONDERLAND
Supply and demand represent an effective summary of context. If demand increases or decreases, or if supply increases or decreases, price levels generally shift also. With dramatic shifts, any previous calculation of intrinsic product “value” is rendered completely immaterial.
One of the most dramatic shifts of supply and demand in recent memory occurred as a result ...
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