Friday, February 17, 2006
This article describes the growth in the "experience economy" -- i.e., people may be more interested in spending money creating memories. I can't remember if I've discussed this in class yet, but I have long argued that people undervalue (and thus underconsume) experiences by failing to recognize that they are a similar to a durable good (like a car or a washing machine). Nine years later, I continue to consume the rainy afternoon I spent reading Der Spiegel at Cafe Prueckel in Vienna eating warm Milchrahmstrudel with a vanilla cream sauce.
This article suggests that the downside risk of seeking out experience (e.g., you get hurt or sick) may not be that bad (because as long as it doesn't kill you, you'll have more character).
Finally, don't get too emotional, however, because you may not be able to remember things.
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