Category Archives: I would miss

Gary gives it a rip

  By Mystic | July 23, 2012 - 02:58 |
11 Comments

I regretted putting up the first Gary scratch video ….. and now feel obliged to put up his next one.
Basically, I thought it would be funny and that would be the end of it; but hitting Gary is like hitting the tar baby (for people who had a deprived childhood).
Gary is not compatible with the OTP pub; but on many subjects his rebellious mind does come up with some interesting angles.
On the search for what is actually going on in the economic world, I cannot imagine that the possible moments of clarity, could ever outweigh his predilection for just making stuff up.

If we ever get round to thinking about what could replace what we have now, he could be valuable there….maybe. Or, if things go so out of control, that understanding is no longer of any use.

As I write this, I am half persuading myself, that knowing what is happening now is probably of not much use, as the future will be so different ……….. but, I am not going to give in yet.
Gary’s desperation to be right first time, must surely, be a bad way of approaching any problem. I will maintain, that going through the basics, is still the best way to earn a respectable opinion.
It may all turn out to be for nothing as events turn the basics over, but it must be better than just making it up as you go along …… mustn’t it~!?

We Know The PRICE But Not The VALUE!

  By The German Perspective | February 8, 2012 - 11:00 | , , , ,
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A mobile phone, an aircraft carrier, a replacement seal for the refrigerator door or a plumber fixing your heating these days – we all know or can estimate the price of the above products or services. The price of a certain good thus is a decisive factor and expressed in currency units. Not only will it determine whether consumers will buy a product or not, no, the price in economic terms has an indicator or signal function as well. According to economic theory the price of a good signals its scarcity – yet, what economics fail to consider is the value of it.

Just like the currency in which they are expressed, prices are nominal, go up or down and frequently change, often without the good priced changing at all. Prices are quite relative and unreliable when it comes to express the value of a certain good or service. Those of you who invested at the stock exchange, into an apartment in Miami Beach, a brand new car, gold or a lifesaving heart surgery will know what I mean.

As already discovered in 1945 by Tibor Scitovsky, it is in our own nature that we attribute more qualitative value to things that cost more. In other words if I’d show you two glasses of water which are absolutely alike, one priced at 1 Euro and the other costing 1,000 Euro, which will your brain tell you to be “better”? You know the answer.

So today’s approach to pricing can trick our value perception. We often assume that something that is pricey automatically is valuable. History has proven otherwise. It shows that some things are valuable although they have a low to no price, while others are less valuable although they have a very high price. So much for that signaling function…

Following down this string of thoughts leads you to a valuation of goods rather by their use and perception in the people’s minds than by price. Where is the difference in value between the heart surgery for 100,000 Euro and the new Mercedes S-Class for the same price? You know the answer.

Value is created and distinguished by human perception and nothing else. Value is not intrinsic in the goods themselves but rather in the heads of the people. This then explains why prices are going up and down while products stay the same.

And finally if you ever had serious health issues or enjoyed a beautiful sunset on a warm summer evening you know that some things are just priceless.

Bella figlia dell’amore

  By Mystic | October 9, 2011 - 00:04 |
11 Comments

This sounded like a mess of noise when I first heard it.
It doesn’t now (after listening to it 100 times).

The story (is important) -
The chubby chap with the beard (first up) is the Duke,
who is after seducing the girl in the red dress.
He has already seduced the girl in the silver dress,
who is there with her father (out of sight of the other two).

Note how well they share the song (passing the lead from one to the other) -
.

This next clip, from the same opera, is the father and daughter having a chat about the Duke -
(`encore` mid opera~!) -
.