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The Price of Fish: A New Approach to Wicked Economics and Better Decisions by Ian Harris, Michael Mainelli

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1 MAKING SENSE OF THE WAYTHE WORLD REALLY WORKS

There is an old financial markets story about fish trading. Back in the early 1900s, on rumors that sardines had disappeared from their traditional waters in Monterey, California, commodity traders started to bid up the price of tinned sardines. A vibrant market ensued and the price of a tin of sardines soared—a classic bubble. This fervent trading went on for some time. One day, after some particularly successful trading, a trader chose to treat himself to an expensive snack: he actually opened a tin and ate some of the sardines he’d been exchanging. They tasted awful and made him feel ill, so the buyer called the seller and told him the sardines were no good. For the buyer’s enlightenment, the ...

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