Framing the Dialogue

Posts Tagged ‘value’

What Ever Happened to Penny Candy?

Whatever Happened to Penny Candy? is a rather simple guide to economics written as a series of letters from “Uncle Eric.”  I have read numerous economics books big and small and few offer the fun and engaging lessons in economics.  Perhaps the best thing that I can say about this book is that I learned a lot…a whole lot as evidenced by the number of post-it tabs flagging my volume.  Author Richard J. Maybury spends a great deal of the book on inflation and this excerpt hits home;

Diminishing Returns

Having a car that is nearly eight years old with almost 150,000 miles makes the annual inspection a likely costly adventure. My appointment was Monday so I dropped the car off Sunday night and anxiously awaited the news. I got the call in the early afternoon and Ed, our mechanic, started going through the list; A/C check, battery, tire rotation…little stuff really. Ed hesitated and I said “okay now for the bad news.” The bad news was repairs to the tune of $1,400 (a big part was brakes all around) and that my car would not be ready until the next evening. The real bad news is that Ed did some checking and told me that my vehicle is showing its age and miles. Some of the hidden stuff will probably need to be replaced next year and maybe I may not want to spend that kind of money. Essentially telling me that I’d be paying a lot more money for an old vehicle…or getting diminishing returns on my investment.

Not For Profit

Arthur Amolpid got out of high school in 1950.  While his grades weren’t that great his job prospects were even worse.  Art, however, was an entrepreneur before the term was commonly used and looked for a way to make it on his own.  Fortunately his folks didn’t mind that he stayed with them while he pursued his dream.  He just needed to figure out what that dream was.  His parents were not that well to do and lived within their modest means, but Arthur felt comfortable with the wealthy and frequently socialized with the more affluent crowd. 

The Virtue of Selfishness

Most people have been taught that the traits of “virtue” and “selfishness” are incompatible.  In order to be virtuous you have to be unselfish and give to others at the expense of your happiness.  Ayn Rand provides a series of discussions supporting the ethic that a person who acts, quite naturally, in his self interest is in fact helping his fellow man and shows The Virtue of Selfishness