Why protection is not a commodity

But I remember one lecture particularly well, mainly because the lecturer was wearing full camouflage combat gear, with pants tucked into the cherry-coloured Doc Martin boots that were laced up to his knees. His subject was quite interesting as well. He covered “commodity products" and how the supply and demand of these affects the price that is charged. Price, we were told, is the only deciding factor in the purchase decision and - what's more - people buy these products almost unconsciously, without prompting and without having been lured by advertising. Demand for commodity products i...