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Lobster Economics

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SteamedLobster.jpgA massive harvest this summer has caused the price of lobster to plummet, but it still costs just as much as it ever did to order lobster at a restaurant. In this week's New Yorker, James Surowiecki explains that that's partly because deep down, diners want their lobster to stay pricey. People tend to be suspicious of cheaper things, but take pleasure in springing for the luxury goods. Surowiecki writes: "If lobster were priced like chicken, we might enjoy it less." [The New Yorker]