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...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 kills...
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...
...ONION The funniest site on the Internet theonion.com shows no sign of losing its satiric edge. Now it has conquered Old Media with the best seller Our Dumb Century. Web migration, it seems, is not a one-way ticket...
...Middle East and Asia. If Ivester seems almost uncomfortable outside the world of the beverage business or his native Georgia, Daft is a jovial former math teacher with a wry sense of humor, a diverse range of interests and a creative streak. He pushed to develop Coke's biggest seller in Japan, for instance, and likes to joke that it is not a cola but a syrupy drink called Georgia Coffee...
Readers of Frank McCourt's Pulitzer Prize-winning best-seller, Angela's Ashes, may have wondered from whence the title of the book came. Upon seeing the film, it becomes clear that the title refers to the ashes that grow on the end of the cigarettes that Angela, McCourt's mother, smokes continuously as she worries her way through poverty, saddled with several children and an alcoholic husband who can't seem to hold...