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"Euros: Hedging exchange rates", Aug. 99, Director, London

SIR - Burgernomics (November 1st) has outlived its usefulness as a "crystal ball" and should give way to Economistics - the scientific analysis of the price of The Economist in various countries. Unlike a Big Mac, The Economist is universally regarded as a staple food for the mind, is largely free from quality or taste variations and therefore homogeneous. Furthermore, a derivatives market can be developed upto three years forward in view of the period discounts offered to subscribers.

International price variations are easily discovered. Whilst both the Big Mac and The Economist are perishable commodities and should be consumed fresh, The Economist is much less so. Price variations could be easily eliminated through grey imports. In Seoul, Big Mac has to compete with Burger King’s Whopper, local competitor, Lotte Burger in addition to Korean alternatives. There is no alternative to The Economist!

Economistics predicts a Chinese Yuan rate of 14.57 from the current 8.31 rather than a fall, according to Burgernomics, to 3.83. Will the CD factories in Guangdong turn to pirating "The Economist" ? Which futures exchange will be the first to list "The Economist" futures? Should I start an Import-Export business trading "The Economist"? Are Economistics mistaken? Or are the Burgernomists going to have to eat their words?

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