I thought I’d write, after posting these pictures of some delightfully colorful shops in the Pearl District of Portland, about a perplexing problem on my microeconomics homework.
Read this and tell me whether or not you find it a little absurd: “It is apparent that most of the time, goods are not wasted, or thrown away because no one wants to buy them. How is it that approximately the “correct” amount of goods get produced in each market, and what mechanisms are there for correcting erroneous decisions about production levels?” [the bold text was my doing]
Sorry, no waste? The correct amount of goods are produced? I have to admit I laughed out loud when I read this in the textbook because I had literally just read this article about H&M slashing unsold (unworn, still price-tagged) merchandise and sending it in giant plastic bags to the landfill. I’m still only in chapter one, but maybe my textbook will explain that harsh exposes by major newspapers are some of the “mechanisms for correcting erroneous decisions about production levels,” since H&M is now promising to stop destroying unworn clothing.
*click images for full view
**taken with fujicolor pro 400h film on my canon eos rebel k2