Re: Just in case the day isn't enough of a downer

In article <mike-43CB65.21403115072009@xxxxxxxxxxxxxxxxxx>,
Mike Ash <mike@xxxxxxxxxxx> wrote:

In article <1247693581@xxxxxxxxx>, throopw@xxxxxxxxx (Wayne Throop)
wrote:

:::: If the insurance industry were more profitable than other
:::: industries, more firms would enter it, bidding prices and profits
:::: down to the standard level. I mean, really... It's economics 101.

:: Their expected profits in that industry can't be higher than in any
:: other industry.

: Dimensional Traveler <dtravel@xxxxxxxxx>
: Lower, actually, and dropping fast.

How is that possible? Shirley they'd just get out of the business
and take up some other trade with better profits if that were so.
It's economics 101. The profitability of all businesses are equal, which
follows directly from the fact that all economic activity is rational.

Don't forget zero transaction costs!

The last sentance of the previous post has to be satirical, as Adam
Smith wrote on the importance of "animal sprits" in economic life.

We are apes after all and there is no business like monkey business.
.

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