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FIFTH RULE OF IMPERFECTION: The fifth of seven basic rules of the economy. It is the observation that the real world is not perfect. This means markets often fail to achieve efficiency because of several failings. This also means that government seldom enacts the policies needed to correct market failings. We are usually faced with the lesser of evils.

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GEOGRAPHIC MOBILITY

The mobility, or movement, of factors of production from a productive activity in one location to a productive activity in another location. In particular, geographic mobility is the ease with which resources can change locations. This is one of two types of mobility. The other is occupational mobility.

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Today, you are likely to spend a great deal of time at an auction wanting to buy either several orange mixing bowls or clothing for your pet dog. Be on the lookout for rusty deck screws.
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In the early 1900s around 300 automobile companies operated in the United States.
"Concentrate all your thoughts upon the work at hand. The sun's rays do not burn until brought to a focus."

-- Alexander Graham Bell, inventor

NYCE
New York Cotton Exchange
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