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Quality of life considerations drive every exchange. Even a near-term oriented purchase of candy, for example, improves quality of life briefly. This of course
by gbacon 8y ago
Quality of life considerations drive every exchange. Even a near-term oriented purchase of candy, for example, improves quality of life briefly. This of course applies to computers, smart phones, clothing, automobiles, houses, investments, and so on.
- lotsofpulp 8y agoI would call that “utility”. People engage in transactions because they expect some utility out of it. I’ve always thought quality of life is more of a macro term, dealing with things like quality of education you can expect your kids to receive, physical safety, access to healthcare, vacations, ability to move “up” in the world, ability to practice your hobbies, etc. Generally, these are the things you can’t specifically go out and buy, but rather the desired end result of all the work and time that people sell.
- gbacon 8y agoWhat is utility if not an infinitesimal of quality of life?
- lotsofpulp 8y agoIt is, but I think it's useful to have a different term for the utility derived from buying a candy bar as opposed to the utility derived from knowing that you will have 4 to 6 weeks of vacation, or your children will have an opportunity for a good education, or that a member of your family's health issues won't derail your family's retirement.
- gbacon 8y agoIndeed, and those considerations are built into prices, which factor into each exchange. Homes in good school districts sell for more, and jobs with good or exceptional benefits may have lower takehome — as is the case with civil service jobs where being fired is nearly impossible.