A puzzle for our resident economist.

Mr. Psychologist · September 15, 2014, 05:29:07 PM

How would you have tackled the Irish Potato Famine?

(Protip, the only 100% incorrect answer involves the term 'laissez-faire' and the name Trevellyan.)

More Than Mortal · September 15, 2014, 05:31:54 PM

Of 1846?

Yeah, laissez-faire. Corn Laws were fucking killer.

Mr. Psychologist · September 15, 2014, 05:33:00 PM

Quote from: Meta Cognition on September 15, 2014, 05:31:54 PM

Of 1846?

Yeah, laissez-faire. Corn Laws were fucking killer.

'Fucking killer' do you mean that in a positive manner?

More Than Mortal · September 15, 2014, 05:36:26 PM

Quote from: Mr Psychologist on September 15, 2014, 05:33:00 PM

Quote from: Meta Cognition on September 15, 2014, 05:31:54 PM
Of 1846?

Yeah, laissez-faire. Corn Laws were fucking killer.

'Fucking killer' do you mean that in a positive manner?

Naw m80

corn laws literally killed

Mr. Psychologist · September 15, 2014, 05:38:41 PM

Quote from: Meta Cognition on September 15, 2014, 05:36:26 PM

Quote from: Mr Psychologist on September 15, 2014, 05:33:00 PM
Quote from: Meta Cognition on September 15, 2014, 05:31:54 PM
Of 1846?

Yeah, laissez-faire. Corn Laws were fucking killer.

'Fucking killer' do you mean that in a positive manner?
Naw m80

corn laws literally killed

Indeed they did ._.

But how would laissez-faire help a starving population with massive crop failure?
If the demand for food from merchants goes through the roof, won't they simply raise their prices?

More Than Mortal · September 16, 2014, 01:27:38 AM

Quote from: Mr Psychologist on September 15, 2014, 05:38:41 PM

Indeed they did ._.

But how would laissez-faire help a starving population with massive crop failure?
If the demand for food from merchants goes through the roof, won't they simply raise their prices?

Only if the supply is seriously inferior.

If the supply of food from foreign merchants is too small to supply the effectual demand, then the price will be higher. Too high, then lower.

BrenMan 94 · September 16, 2014, 08:50:30 AM

Quote from: Mr Psychologist on September 15, 2014, 05:38:41 PM

If the demand for food from merchants goes through the roof, won't they simply raise their prices?

Some might, and people will go to the ones selling it for cheaper.

In the case of an oligopoly, if people can't afford the prices then the merchants won't make any money anyway.

EDIT: Oligopoly, not oligarchy.