This article by Tyler Cowen talks about how we came to the current financial crisis. This has me wondering something:
It now seems that a wide range of asset prices were artificially inflated. The market for contemporary art, which depends almost exclusively on very wealthy buyers, will probably be the last market to plummet but that development is almost certainly on its way.
Know what other asset market depends on wealthy buyers? Title II firearms, which have also skyrocketed in price in the last 8 years. Could it be that we’ll see lower prices for registered transferrable machine guns? We’ll see.
Maybe, but the artificial limits on the supply should tend to keep prices high…certainly higher than we’d like. ;-)
III