Apparently, some enterprising folks have bought Xbox 360's solely for the purpose of reselling them at what looks to be a considerable profit. While I do not understand paying $600 or even $1000 just to get a gaming console a few weeks sooner, I see nothing wrong with people providing this service to others. If they wish to pay so much, it is good for them that it is available.
Since I continue to stay away from much of what counts for official "news" these days, I have been following games and technology as much as ever. So now I get my economics lessons from there instead.
There is a conception among many people (and for a very long time) that certain goods or services have a "fair" or "reasonable" price. From my observations, this amounts to little more than animism, assigning human like attributes to mere physical objects. The way I see it, ALL value is inherently subjective, in that it is ONLY subjects (aka, conscious entities) that assign value to anything, and that there is in no such thing as objective value, since objects in and of themselves cannot place value on anything.
Take a glass of water, for instance. There is no way to reckon any kind of objective value to it. It ALL depends on the context and the person assigning value to it. I may not value it very highly, a few pennies if it isn't some kind of bottled water. But if I were in the desert for a couple of days, I might give up everything I have to get that glass of water. The value of an object is determined not only by how much the subject cares for it (preferring Mozart to Bach, for instance), but also where in time and space that object is.
Here's the kicker: I believe that all moral values are ALSO entirely subjective. This might surprise those of you who know my religious beliefs, but I think it fits perfectly. I have determined that it is not the moral values of God that are objective, but it is that God himself values certain things, and He is, essentially, the only subject that matters (He being eternal, infinite and having created all objects in the first place). I find this actually fits rather well with Christian, Jewish and Islamic understandings of God, and particularly the Christian attitude of seeing God as a Person to whom we can relate. God is not bound by rules or morals outside of Himself, rather His preferences (yes, just what he likes and doesn't like, the way you prefer chocolate to vanilla) determine morals in the only sense that matters.
Feel free to call me crazy, blasphemous or stupid, but it'd be nice to get some feedback on this one.