…about their moving companies, even the highest income consumers would not pay for a better service. Our mistake was conflating desire for a better product with desire to pay more for a better product. Now that we’ve learned this, we see examples of it everywhere.
Some like to protect their wealth from their partners. Equally there are those among us who are embarrassed by either not earning as much as our partner or, they care about their other half’s confidence and don’t want to be seen as an overpowering force in the household.
It’s essential we develop a vocabulary for talking about these issues, and perhaps the single most effective action we can take is to educate our elected officials about the changes that are happening. This stuff is complex, and it’s going to take time to teach all our representatives about why all t…
…nerable markets that we know are about to be remade by technological transformation and automation. The only social force empowered to anticipate or prevent these disruptions are policymakers who are often too illiterate to understand how these technologies work, and who too desperately want the halo of appearing to be associated with “high tech”, the secular religion of America.
These new False Markets only resemble true markets just enough to pull the wool over the eyes of regulators and media, whose enthusiasm for high tech solutions is boundless, and whose understanding of markets on the Internet is still stuck in the early eBay era of 20 years ago.