Word: buyer
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...applied to everyday retail, it's a revolution. The idea of fixed prices is only about 100 years old. Before then nearly everything was negotiable. The last great retail revolution was mail order, led by Sears, Roebuck in the 1890s, and it solidified the idea of fixed prices, since buyer and seller were often separated by hundreds of miles of rail track. In the Internet age even buyers and sellers separated by 10,000 miles of fiber-optic cable are closer than those prairie purchasers were to Mr. Sears. They are nanoseconds away, and, as is becoming increasingly apparent, speed...
When Sharon Balkowitsch sold antiques from a stall in Bismarck, N.D., she was a victim of geography. There were few buyers in her hometown of 54,000, and prices were low. She started putting her wares up for auction on eBay last year and suddenly found herself part of the global marketplace. An Art Deco ashtray she bought for $20 was bid up quickly--and sold for $290. A vase she got for $5 went to a California buyer--for $585. She even sold an old tractor online--for $2,300, to a priest from New York. Checks have been...
Global auctions are the kind of ideal market Adam Smith could only have dreamed of. Sellers are, at least in theory, guaranteed a price that isn't too low: they get to sell to the highest bidder anywhere in the world. And buyers are assured the price isn't too high because they get to choose the lowest one being offered by any seller in the world. Location becomes unimportant. You're not penalized for being a seller stuck in low-traffic, low-price Bismarck or a buyer shopping in high-cost Manhattan. Auctions also minimize transaction costs ("friction...
...nation's 3,191 public-housing authorities. Twenty-nine cities and counties have already filed suits against the manufacturers since October of last year, seeking to recover the public costs of gun violence, force the design of safer firearms, and restrict the flow of guns to illegitimate buyers. As the suits have made their way through the courts, the industry and plaintiffs have held sporadic settlement talks, to little effect. But that could change dramatically with the arrival of the feds, who will throw their weight behind the plaintiffs' demands. The plaintiffs want gunmakers to distribute only to dealers...
...good worker, we'll be flexible about when they work," said Mike Clifford, an HMV buyer...