More Is More

Saturday, March 15, 2008

Regarding Harold Meyerson's March 12 op-ed column, "What $5,500 an Hour Buys":

Mr. Meyerson made a convincing argument that "positional goods" are valuable only because they are available to a select few. My late mother, Mildred Friedman, should be credited with identifying the positional goods category.

If a 17th- or 18th-century antique failed to sell in her store, she would significantly raise the price. She noticed that raising the price way beyond an item's intrinsic value suddenly transformed it into a salable commodity.

What does this say about the IQs of the well-to-do?



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