Comments by "Martinit0" (@Martinit0) on "Farzad" channel.

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  8. I heard somebody argue that we already live in the age of abundance. Only things that are truly scarce cost a lot of money: land (because of location) and in extension housing, branded stuff, college tuition (a variant of brand). While the common necessities are relatively cheap (relative to income): food, electronics, energy. Products and services that require a lot of labor remain expensive (healthcare, construction to some extent). But I hear you say "it doesn't feel like that - everything is so expensive". And that is right, too. I believe to some extent it is because we desire those expensive things and to some other extent parts of the economy are hijacked (e.g. US healthcare, probably housing as well). We desire to go to Ivy league colleges. We desire fashion etc. In fact, a large part of creating a profitable business nowadays is to think about how you can make your products more desirable in the eye of the customer. That is what branding is all about and large parts of marketing. Ever heard of "demand generation"? Most businesses don't struggle to make stuff, they struggle to get customers in the door. So in conclusion I think money will remain important to allocate those scarce products and services and even if we already have everything we need the next Steve Jobs is working hard on creating another thing that we didn't even know we needed but we desire it now that it exists. And if that new Steve Jobs is smart he will now we desire this thing and make the price high.
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