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Once upon a time in a village in India, a man announced to the villagers that he would buy monkeys for $10.
The villagers, seeing there were many monkeys around, went out to the forest and started catching them.
The man bought thousands at $10, but, as the supply started to diminish, the villagers stopped their efforts. The man further announced that he would now buy at $20. This renewed the efforts of the villagers and they started catching monkeys again.
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Soon the supply diminished even further and people started going back to their farms. The offer rate increased to $25 and the supply of monkeys became so scarce that it was an effort to even see a monkey, let alone catch it!
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In the absence of the man, the assistant told the villagers: "Look at all these monkeys in the big cage that the man has collected. I will sell them to you at $35 and when he returns from the city, you can sell them back to him for $50."
The villagers squeezed together their savings and bought all the monkeys.
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[First posted 13 October 2008]