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News & ArtsTuesday, January 31, 2012
Economy The Universal Commodity
Posted by Charles Mudede on Tue, Jan 31, 2012 at 10:08 AM
How capital judges a global city...
Shanghai has the cheapest Big Macs, Oslo the most expensive. iPhones are cheapest in San Francisco and cost the most in São Paolo, while iPads are cheapest in Bangkok and most expensive in Buenos Aires.Not money, the universal equivalent, but the cost of the commodity (the universal proper). You know Oslo not by its money but by the cost its Big Macs.
1
So this is as good a thread as any. If the Eurozone wants to help Greece it should give one thousand euro rebates to tourists that go to Greece for at least two weeks in the off season. It would keep people working and would be cheaper than always bailing them out.
2
The Euro is worth only 37 cents.
Greece is a much a victim of Eurozonation as it is a failed player.
3
This is a somewhat interesting slice of data, but the article added almost nothing to the chart, and you don't seem to have much of a hook for it either, Charles.
I find myself intrigued by the idea that the differences in price reflect additional goods and services included, such as national health care, product safety or recognition of intellectual property rights. Unfortunately, nothing deeper was attempted.
I find myself intrigued by the idea that the differences in price reflect additional goods and services included, such as national health care, product safety or recognition of intellectual property rights. Unfortunately, nothing deeper was attempted.
6
Schmucky, I think you've got it backwards; that's the exchange rate of Euros to 1 dollar, not dollars to 1 Euro.
8
Well money is supposed to represent real world commodities and services. In fact, the value of any currency is based on the products and services available in that country. There are movements afoot to create a global barter currency that is based on a "basket of goods" (ie. a barrel of oil, 3 bushels of wheat, 10 lbs. of copper, etc.), which may prove more stable than our fiat currency which is manipulated by excessive printing (causing inflation) and raising e interest rate (restricting cash/credit flow).
Ultimately, commodities are the basis of money, not the other way around.
Ultimately, commodities are the basis of money, not the other way around.
10
While in Uzbekistan last summer, I wanted to purchase a new iPod. I had a difficult time carrying the necessary 187 Big Macs in my wallet.
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