By Anna Shnaidman
The iconic Hermès Birkin bag helps illustrate Menger’s “Theory of the Good,” and Mises’s explanation of human action.
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35 sats \ 10 replies \ @Satosora 23 Oct
I have heard that the "real" wealthy do not shop at these brands.
Only the newly rich do.
I could be wrong though.
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40 sats \ 7 replies \ @Undisciplined OP 23 Oct
That's certainly outside of my lived experience. Do the real wealthy just have everything custom built or do they buy the same kind of stuff we do?
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53 sats \ 3 replies \ @Satosora 23 Oct
They buy things that other people cant buy.
Maybe custom, but a lot of the wealthy also dont spend money in that way.
Especially generational wealth that hasnt dried up.
They know the value of money, so they dont become bankrupt after the third generation.
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30 sats \ 1 reply \ @Undisciplined OP 23 Oct
That does sound familiar. I've probably read the same thing somewhere at some point.
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0 sats \ 0 replies \ @Rothbardian_fanatic 23 Oct
You’re right! Probably the only way the majority of us will know about this subject is vicariously.
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0 sats \ 0 replies \ @Rothbardian_fanatic 23 Oct
I don’t thin the original entrepreneurs spend money that way. They are self-taught their value of their efforts. They really understand the meaning of the money they earned. I have my doubts about the second and following generations. Yes, they can maintain their money, but in many cases go broke or just maintain the wealth they got by interest and such. Think Rockefellers and Rothchilds, who have an absolute lock on the wealth, versus say the Vanderbilts.
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20 sats \ 2 replies \ @Rothbardian_fanatic 23 Oct
From what I have seen of them, many things seem to be made custom for them. The British call it bespoke, I believe. From shoes to hats, they like bespoke. When I was in Thailand, I had several suits made for me, bespoke. I loved them, until I got too rotund for them.
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10 sats \ 1 reply \ @Satosora 23 Oct
Thats right, there is Savile row in England.
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0 sats \ 0 replies \ @Rothbardian_fanatic 23 Oct
I don’t remember what the area of taylor’s area was called in Bangkok, but it was near the expensive hotels and such.
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20 sats \ 1 reply \ @Rothbardian_fanatic 23 Oct
It is hard to know what the really wealthy will do, because they do not behave in the same sane manner that the serfs do. They have a whole different thought pattern and religion than most of us do. They seem to live in cultish environments.
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0 sats \ 0 replies \ @Satosora 23 Oct
That is true, too.
They seem to have their own kind of problems.
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0 sats \ 0 replies \ @Rothbardian_fanatic 23 Oct
Most of what people buy fills their marginal desire. The next most desired good. For instance, perhaps you are in the desert, your first most desired good may be water (discounting rescue), next most would be shade, third most would be food, forthmost would be transportation. You would go for the highest desired first then work down your list. It’s the cost of the last one you are willing to by that determines your marginal cost.
Rich people have a higher priced marginal cost than the rest of us and can go further down their list for goods they desire.
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