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Modern Economics In The Modern World, Lester G. Telser

Lester G Telser

A commodity is a creature of society, its traditions, its experience and, when necessary, its laws. Society defines and controls the legitimate use of commodities almost without exceptions. The three main categories of commodities are private, semi private and non private. An eating apple is a private commodity, an airline seat is a semi private commodity and a computer software program is a non private commodity. This essay describes how modern economics treats these categories.