Smithian Market means that this is a time when the invisible hand guides market behavior in unexpected ways.
This story comes from France via Reuters:
“You can’t do it? We’re here to help,” says the homepage of a new French website where children can pay for older students to do homework for them.
On faismesdevoirs.com (domyhomework.com), children will be able to buy answers to simple maths problems for 5 euros ($6), while a full end-of-year presentation complete with slides and speaking notes will cost 80 euros ($100).
“I realized there was a gap in the market. Add to that a dose of insolence, a zest of arrogance and the internet, and you have faismesdevoirs.com,” he said.”
Of course, the French teachers are outraged because it defeats the purpose of education. Now do not get me wrong, I completely agree that it is useless. At the same time, it is the kid that truly loses here, so it should not be banned. Parents should just make wise decisions for their kids.
The rest is here.