Speculation is the new luxury good

A luxury good is one where the price paid is much higher than the apparent utility it offers. We pay extra precisely because it’s not a good value. The utility lies in how we and our peers think about it. The scarcity and bling of a luxury good are used to increase our status (in […]

This entry originally appeared at seths.blog/2021/09/speculation-is-the-new-luxury-good, and may be a summary or abridged version.