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Unfortunately, I can't be convinced it didn't happen. I was shelling out money out of my own pocket and just shaking my head in amazement.
Perhaps because my point of view tends to see a strong social component in most of my useful insights (if any) I smell--a strong social component here. The oft-repeated euroskeptic fear that the adoption of the euro could create massive conversion costs---created massive conversion costs. Partly, larger businesses- hotel chains, etc. seized on the perceived opportunity to raise prices, knowing that they had a convenient scapegoat, and smaller businesses did the same, or felt obligated to raise prices to cover their own added costs. Or both. Sometimes the most powerful economic forces stem from a social perception- a story, true or false, internalized on a micro level. Then we get lost in looking for some macro force at work-- Capitalism searches out the darkest corners of human potential, and mainlines them.
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