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This story is also a good parable of why Veblen goods [0] distort GDP as a measure of value creation. If Apple had decided to lean in to that market, raising th
by lukifer 6y ago
This story is also a good parable of why Veblen goods [0] distort GDP as a measure of value creation. If Apple had decided to lean in to that market, raising the maximum app price to $1M, and those same 8 purchasers who bought the original I Am Rich purchased I Am Rich 2.0: would anyone really believe that that $8M of real-world value was created?
[0] https://en.wikipedia.org/wiki/Veblen_good https://en.wikipedia.org/wiki/Veblen_good