CURRENCY VALUATION

Speaking of Brits, Ryan reveals the true measure of commerce:

The Economist points out that the strength of the Euro is what the zone least needs at the moment.

It’s also what I least needed. I only got about €1.3 to the pound, and when beer is €5.50 in the cheaper bars, that’s a pain in the arse. But at €2.20 for a decent bottle of wine in the supermarkets, all it really needs is that you need to drink tactically. i.e. get pissed, then go out.

There we have it in one short paragraph: globalization, elasticity of demand, substitution effects, inferior goods, and maximization of expected utility.

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FILED UNDER: Economics and Business
James Joyner
About James Joyner
James Joyner is Professor and Department Head of Security Studies at Marine Corps University's Command and Staff College and a nonresident senior fellow at the Scowcroft Center for Strategy and Security at the Atlantic Council. He's a former Army officer and Desert Storm vet. Views expressed here are his own. Follow James on Twitter @DrJJoyner.