Nature of Competition: Space Rental
For a starter, we quote from a super-popular textbook as regards the rental of the living site, say, in the City of London , for the coming couple of years. Gregory Mankiw , 2012, p.115 Believe it or not, the supply is constant (irrelevant or “exogenous”) all through from the short moving season to the long year of national income accounting . According to the author, the supply is “fixed.” On the sidewalk, don’t get us wrong: A moment (T 0 ) is irrelevant as regards an organism such as the rental market. Or equivalently, a stock (T 0 ) is dead at each and every moment and is no less far away from the market than the Eternity is from us living particularly in “ the short run .” Fixed? why, where, when, for what, to whom, and how? We say “at the moment” only to mean “in a shorter run than the short run.” There is no such thing in...