[lbo-talk] What's the deal with conservatives, economists, and the minimum wage?

Doug Henwood dhenwood at panix.com
Fri Jan 19 05:41:00 PST 2007


On Jan 19, 2007, at 3:48 AM, andie nachgeborenen wrote:


> People buy
> Phillipe Patek watches _because_ they cost $20K,
> likewise Rolls Royce, fancy pens, or the $2200 bottles
> of wine I saw at a restaurant recently.

The term of art is "positional goods," which derive their appeal from the fact that only a few can have them.

Doug



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