Re: What’s the deal with conservatives, economists, and the minimum wage?
On Jan 19, 2007, at 3:48 AM, andie nachgeborenen wrote:
People buy Phillipe Patek watches because they cost $20K, likewise Rolls Royce, fancy pens, or the $2200 bottles of wine I saw at a restaurant recently.
The term of art is “positional goods,” which derive their appeal from
the fact that only a few can have them.
Doug