Re:Geeks trump alpha males on Wall Street
by Retric on Thursday December 03, 2009 @03:16PM
(#975134)
Transactions can involve more than just a single flow of cash in exchange for stuff. Economists can and do look at satisfaction as part of market efficiency which explains why people pay for status symbols. Someone buying a diamond for above resale price is not necessarily simply wasting money for zero gain.
PS: Consider rather than a ticket scalper you had a group of bandits charging a toll to cross a bridge. They are not adding value to the experience of crossing a bridge and they are not helping the people who made the bride. So while arguably they increase GDP it's not a net gain for society.
Re:Geeks trump alpha males on Wall Street
by cturner on Thursday December 03, 2009 @06:56PM
(#975493)
The bridge crossing example doesn't contain a factor equivalent to the risk that the scalpers take on when they buy the tickets, or the fee they pay to the people running the event.
PS: Consider rather than a ticket scalper you had a group of bandits charging a toll to cross a bridge. They are not adding value to the experience of crossing a bridge and they are not helping the people who made the bride. So while arguably they increase GDP it's not a net gain for society.