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Saturday, November 29, 2003
OK. Here's a great Slashdot post about how not to get economics:
"...He says that music pricing needs to vary in order to convey information to customers about what they're getting. But the value of music isn't intrinsic to the music. What I may be willing to pay $1.25 for, you may only be willing to pay $.02 for".
That's the whole point - the value of music is different to different consumers. That's why prices convey information - because they tell me how much future risk I take and future value I stand to gain - in terms of my own preferences. But unless prices differ, you'll never know how much the market really values any good - and so you have little information about how you might value it either.
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