By Jekaterina Liachovic
No matter how “inelastic” the demand, excessively high prices cannot persist indefinitely without human action.
I had never heard of this law before. The idea's pretty straightforward, though, if a bit arbitrary.
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I suppose revolutions are a good way of bringing down land prices to the point where the revolutionaries can afford them.
An effective way, maybe
It’s like “If it’s expensive, don’t buy. But if it’s necessary, find substitute.”
Right, prices will still come down even though people need to find something that fills the same role.