Normally, I will do these on Thursdays, but I shall be in another country and most likely away from electronics until I return. But, I read this article and found it useful if not enlightening. So, enjoy David’s work and look into his other posts!
Before we get to the nuts-and-bolts, it’s time to slay a zombie meme. Much of the noise on this issue springs from conflating two concepts, namely price and value.
Authors often say something like, “My book is worth more than a coffee.” Or publishers might say, “A movie costs $10 and provides two hours of entertainment. Novels provide several times that and should cost more than $9.99.”
Price and value are two different things. From Wikipedia:
Economic value is not the same as market price. If a consumer is willing to buy a good, it implies that the customer places a higher value…
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