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Originally Posted by jgaiser
Oxford English Dictionary:
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I realize that the OED is considered the canonical reference. However, in this instance I found that the definition from other dictionaries to be more informative. Webster's makes reference to the interchange satisfying an obligation.
http://www.merriam-webster.com/dicti...1&t=1337080371
I think that it is crucial to consider the circumstance in which the items are interchangeable.
Quote:
Originally Posted by jgaiser
Cars are not fungible - I lend you my car, I want that same car back.
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There are circumstances in which cars are interchangeable. When I go to purchase a new car, pretty much any new car of the same make and model, with the same accoutrements will do.
Quote:
Originally Posted by jgaiser
Gasoline is fungible - I lend you a gallon of gasoline, any old gallon of gasoline returned is the same.
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High octane gasoline may not be fungible with low octane gasoline. Just as diesel is not fungible with regular, and leaded gasoline is not fungible with unleaded.
Quote:
Originally Posted by jgaiser
Books are not fungible - I lend you Fifty Shades of Grey (current NY Times Bestseller), I don't want a copy of Ed McBain's Cop Hater in return (even if I really want to read it).
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I agree that there are circumstances in which books are not fungible. However, there are also circumstances in which they are. Consider the process of buying a book as a gift. It is quite likely that several books would make an equally good gift. A similar situation may occur if you are browsing for a book in a store. It may be that any one of several books may satisfy your desire to read.
In any case, trying to get back on topic, it will be interesting to see the upshot of the case. In looking into the economics of books, I have found references that state that they (the economists) are lacking information.