Empirical Observations Archives - Otis Lee https://otislee.com/category/observations-and-experiences/ Lawyer & Author Sun, 01 Oct 2023 03:51:33 +0000 en-US hourly 1 The Price System, an Observation https://otislee.com/the-price-system/?utm_source=rss&utm_medium=rss&utm_campaign=the-price-system Tue, 14 Jan 2020 19:22:06 +0000 https://otislee.com/?p=27657 Economists view the price system within the macro economy as a function of supply and demand and market share. Prices can be determined by particular producers who exercise price leadership and market share in a particular industry or in a particular commodity. The allocation of resources and their scarcity is also a factor in determining price. A market mechanism normally is required to determine prices. The dictionary definition of price is “the amount of money needed to purchase an object; the cost at which something is obtained.”

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]]> Remarks on the Passing of Bryant McCloskey https://otislee.com/remarks-on-the-passing-of-bryant-mccloskey/?utm_source=rss&utm_medium=rss&utm_campaign=remarks-on-the-passing-of-bryant-mccloskey Sat, 19 Oct 2019 19:27:56 +0000 https://otislee.com/?p=27669 To the family, pulpit guest, and to all of you who have come to pay respects to my friend and to your friend Bryant McCl oskey, good morning and greetings. I am delighted to see so many of my friends from New York life and from my professional days here in Philadelphia. Venessa, when she asked me to say some words about her father, allotted me 2 minutes and I have already used 30 seconds of that time. So let me get right to it.

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