Scoresby on Nostr: If the price of a thing goes down, it is because people are not willing to pay for ...
If the price of a thing goes down, it is because people are not willing to pay for the thing -- not because people are offering it for sale.
> a mass of people selling something because they don't want it makes the price go down.
What are they selling it for? If people in Asia traded silk or opium for silver, did that make the price of silk and opium go down when they sold it?
If not, why isn't their act of not wanting silk or opium equal to European's act of not wanting silver?
If it did make the price of silk or opium go down, why did Asian selling gold (which Europeans were buyinh) not make the price of gold go down?
Finally, if Europeans traded silver directly for gold from Asians, why wasn't the Asian selling of gold acting on price exactly the same way as the European selling of silver?
> a mass of people selling something because they don't want it makes the price go down.
What are they selling it for? If people in Asia traded silk or opium for silver, did that make the price of silk and opium go down when they sold it?
If not, why isn't their act of not wanting silk or opium equal to European's act of not wanting silver?
If it did make the price of silk or opium go down, why did Asian selling gold (which Europeans were buyinh) not make the price of gold go down?
Finally, if Europeans traded silver directly for gold from Asians, why wasn't the Asian selling of gold acting on price exactly the same way as the European selling of silver?