A Boring Dystopia

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Now we know how much it costs to make a $2,800 Dior bag (www.businessinsider.com)

submitted 4 months ago by [email protected] to c/[email protected]

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[–] [email protected] 4 points 4 months ago* (last edited 4 months ago) (1 children)

But I think it has to go way up. If it goes up but not enough then it's an expensive thing, not a valuable one.

[–] [email protected] 3 points 4 months ago (1 children)

I think it works for slightly more expensive things too. Like absent any noticeable difference we would assume that a $5 hotdog was better than a $2 hotdog.

You may be thinking of Veblen goods, which are marked up to such a degree that the high price point is the point of the purchase. It makes the product more exclusive.

[–] [email protected] 1 points 4 months ago (1 children)

But a $5 hotdog is very expensive while a $2 one is just "a normal hotdog in an expensive place". It's the jump from the "normal" price. 2x is expensive. 10x is "exclusive".

[–] [email protected] 2 points 4 months ago

Yeah you can play with the numbers, and it all depends on the economic context.