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Message: <blockquote data-quote="Dannyalcatraz" data-source="post: 6322625" data-attributes="member: 19675">There are many things in this world that are exceedingly rare or unique, whose existence at one time or another was either thought legend or lie, and in times far preceding the existence of the information gathering tools that exist now.For all of human history, in any culture you can examine, trade in things humans THOUGHT were magic or otherwise supernatural- potions, talismans, artifacts of the divine, holy relics, etc.-  has occurred.  That magic may not actually exist is immaterial- the purchasers (and sometimes the sellers) entered into transactions with the belief in the reality of magic or the supernatural, and that shaped their decisions as actors within RW markets.  People made decisions to spend their money on a sacred ritual instead of fertilizer, on love potions instead of hygiene products, on sacred talismans instead of body armor.Those are economic decisions.  They may not be rational, but rationality is not a prerequisite for deciding to buy or not buy.  (In fact, many economic decisions are IRRATIONAL, often based on the flawed belief that your information is better than that of the other parties in the transaction.)And they obeyed the rules of supply and demand.  Why?  Because there is no economic difference between buying a magic sword and buying a sword you only think is magical.*The reason why "Its magic" is sufficient to explain why a cloak can make one fly like a bat is that the maker made it so, using the supernatural physics of the world.  But what maker decides to create items that do not follow the rules of economics?Again, the only times when the rules of economics go wonkyjog are when you are talking about Giffen goods, which, by definition, are inferior products to their alternatives**; or when there is active interference in the operation of the free market.As for the nature of the market in magic, I made no assumptions as to form other than that one would exist.  Specialists in magic items- especially dangerous ones- would probably arise, since dealing with them would require expertise.  And the auction house model is likely, probably in the form of a wealthy merchant house.  But just as likely is the decentralized market in arcana, in which an apothecary might have a few potions, as might the local temple, the local arms smith might deal in special weapons and armor., and so forth, and the dedicated magic store does not exist except in the larges of commercial centers.Besides...where do casters get their material components but from those who specialize in the handling of magic?* efficacy is not required, only belief.  See Enzyte, perpetual motion machine kits, and any other snake oil on the market.**  And unless you're talking about cursed items, magic items simply are not inferior goods.</blockquote>

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