Friday, 17 December 2010

A Lesson in economics

One morning a Russian man wandered into a hotel in a village and announced he was interested in a room for the evening, and left a $100 deposit, but said he wanted to check out other lodging first. The hotel owner pocketed the money, and remembered he owed the cook $100 and paid him straight away. Meanwhile the cook owed money to the butcher and gave him the $100. The butcher owed money to his girlfriend and paid her. The woman then ran to the hotel and paid her outstanding bill with the $100. A few minutes later the Russian man came back to the hotel and said he had changed his mind, and the hotel manager refunded his money. Meanwhile, everybody in town was paid off. This is how economics is supposed to work.

www. ~ Alberto Villoldo

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