Denny Vrandečić on Nostr: The story of the Red Delicious apple should be a lesson about trusting the market. ...
The story of the Red Delicious apple should be a lesson about trusting the market. Yes, eventually the market would correct, but with a lot of pain.
Red Delicious was for years selected for storage and looks, neglecting taste. Eventually consumers noticed, and stopped buying, but apple orchards take years to be replaced. In the late 90s the industry lost more than $700 million and Clinton bailed them out.
The belief in the invisible hand needs to be moderated.
https://en.wikipedia.org/wiki/Red_Delicious#History
Red Delicious was for years selected for storage and looks, neglecting taste. Eventually consumers noticed, and stopped buying, but apple orchards take years to be replaced. In the late 90s the industry lost more than $700 million and Clinton bailed them out.
The belief in the invisible hand needs to be moderated.
https://en.wikipedia.org/wiki/Red_Delicious#History