Archive for June, 2008|Monthly archive page

The Me Theory of Value

116: Jean-Claude Ellena perfumer for Hermes: “It’s very important to understand that the price of perfumes is not the price of their materials. You pay for the creativity …. That has value as well, a value that I put into the perfume. This Marxist idea that the price of a thing is the price of its materials is false.”

Burr, Chandler. 2008. The Perfect Scent: A Year Inside the Perfume Industry in Paris and New York (New York: Henry Holt).

Conventional Wisdom on Oil

Speculation cannot affect prices very much.

Fear about future troubles in oil producing countries add to the price of oil.

How can these two ideas be reconciled?