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From Production to the Market

From Production to the Market
Apple CEO Steve Jobs unveils the first iPhone at the Macworld Conference in San Francisco on Jan. 9, 2007. Steve Jobs and Apple represent the power of producers to shape price and consumer choices. TONY AVELAR/AFP/Getty Images
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People do not know what they might buy until they see what has been produced and brought to market at what prices.

Most people derive their incomes from their employment, so they must be employed producing things before they know how much they can spend. Contrary to mainstream economic theory, both producers and consumers rely a lot more on trial and error than on mathematical precision.

James H. Nolt
James H. Nolt
Author
James H. Nolt is a Senior Fellow at the World Policy Institute and author of "International Political Economy."
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