Economic Theory and the Pig

I had a meaningful discussion with my son today on the subject of pigs.

Did you know there used to be a practice in the Middle Ages of trying to sell off a baby piglet at a market in a drawstring bag, known as a 'poke'? Ill-advised consumers would simply take the bag and pay the money, assuming that the vendor was honest and they were getting all that they paid for. As you might think, he probably wasn't, and when getting the goods home the bag would be opened to find there was a cat inside. What is interesting is that from this ancient example of consumer advice we get two phrases which are still in common usage:

"don't buy a pig in a poke" (always check out the goods before buying)
"letting the cat out of the bag" (revealing a secret)

Another example of everyday common sense, handed down through the generations that can still teach us a truth today. Economists also learn this truth in their studies, however they use the Latin phrase 'caveat emptor' (let the buyer beware!).

Truth can be found in all sorts of places. Even in our everyday language. :)