This is one way economists describe value

All of these are technologies and all obey the same rules as to who benefits. We have innovators, entrepreneurs, consumers, and some split of the gains between them. Nordhaus’ finding is that it’s us out here, the consumers, who gain some 97% of the value created. Sure, Ford made a fortune out of the Model T, but who gained the value of being able to court in the back seat?

And yes, at least one estimate insists that the rate of virginity upon marriage declined markedly after the car became populist.

8 thoughts on “This is one way economists describe value”

  1. View from the Solent

    “.. after the car became populist.” ?
    The car promoted a scenario that the demos found appealing?

  2. I am popular
    You are a populist
    He chases votes
    We are smug
    They are the benighted fools voting for Him.

    I think it goes something like that

  3. “it’s us out here, the consumers, who gain some 97% of the value created”

    Which still leaves evil capitalists retaining 3%.

  4. Yes, Mr Lud, the progressives are anything but. Just as a film in the ’60s, if it was in black and white, French dialogue with English subtitles and rubbish was brilliant and the Sound of Music was shit, nowadays it would be populist, with a silent “shit”.

  5. Since we’re not about to give up the market part of market capitalism we can assume that this will continue.

    We may if Corbog gets into No 10.

Leave a Reply

Your email address will not be published. Required fields are marked *