Mr. Speaker, I want to congratulate the member for Calgary Nose Hill on her recent marriage and the introduction of children into her family. The first child I became a parent to was also a stepson of mine. I think there is nothing more rewarding in life than the feeling of knowing this new-found love for another human being, in particular one we are so responsible for.
I also thank her for bringing up her economics background. I have a background in economics as well. The problem with her discussion on elasticity is that she is assuming that elasticity will not change over time. The elasticity of a good can change, in particular when substitutes become available for the good. Before the industrial revolution, elasticity was extremely tight on whale oil, because that was the only form of oil being used to create light. If people wanted light, they had to buy that particular type of oil. However, when substitutes and new technology came along, the elasticity changed, and nobody required whale oil anymore. Therefore, I find a great problem with her discussion when she has only presented one side of the economic model. We have to respect the fact that changes will occur as new substitutes come onto the market. When we put a price on something, we have the ability to impact that good in the market, and hence, will see its elasticity change.