We won’t even let Christmas stop us from getting you your weekly episode. Merry Christmas, and in honor of the day—and one of my obsessions—we’re going to talk about the economics behind fruitcake. I, Rollo, believe that fruitcake is the greatest confectionary delight in existence, but it seems that a lot of people disagree with me.
Is the rest of the world’s dislike of fruitcake just a manifestation of the ideas of praxeology and that value is subjective? Or is the rest of the world just objectively wrong about fruitcake?
We use Leonard Reed’s essay, “I, Pencil,” as a bit of a foil to talk about the economics of fruitcake but we also take the conversation in a few different directions.
Despite only a few people in the world having good taste, the market still provides enough fruitcake to go around. It might make it a bit difficult to find in the store and they may only stock is seasonally, but it’s still very available to those who want it. And with technological advances constantly occurring, it’s continually getting easier and easier for anyone in the world to buy it whenever they want.
But what would happen if the state were in charge of fruitcake production? That would result in fruitcake either being overproduced or underproduced (hold your jokes). Yet that’s the problem faced by everything produced and/or managed by the state. If so many people who hate fruitcake trust the market to serve their preferences, then why not allow it to work for everything else?
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