PM Pick

Rent exhaustion and retail giveaways

Tim Harford, the Financial Times' economics columnist, writes about rent exhaustion in his most recent column.

there’s the ”curse of the free lunch” - or what a more strait-laced economist would call ”rent exhaustion”. It works like this: I fly somewhere deserving - say, Dar es Salaam - and hand out dollar bills to strangers. I’ll do it next Tuesday, starting at noon; please form an orderly queue. This would be guaranteed to produce a long line of people. Someone who made a dollar an hour would be willing to queue for up to an hour; someone on a dollar a day would be willing to queue for a day.

At least the people who found it worthwhile to queue would be poorer than those who didn’t. But many in the queue would surely be better off earning it by doing something productive. Each dollar I gave away would be worth only a few cents once you subtracted the cost of the recipient’s time - by trying to get the handout, they are destroying much of its value.

It seemed awfully shallow to be thinking of this in juxtaposition with people living on less than a dollar a day, but this analysis made me think of the huge amount of time I have spent chasing deals -- in thrift stores or sales or wherever -- that was not adequately compensated for by the actual value of what I ended up with. When I was a student and had little money but lots of time (I wasn't an especially serious student, I suppose) I was susceptible to schemes that allowed me to waste lots of time for a little bit of gain. Killing time was an end in itself for me then, which is regrettable -- which is the thing for which I tend to be looking for somebody other than myself to blame. Hence the following...

The costs of chasing deals (like opportunity costs) are not immediately apparent, a fact which marketers and retailers routinely exploit when they promise free gifts or once-in-a-lifetime opportunities or rebates or money-back guarantees or what have you -- they get you to pay in effort what you save in money, while potentially earning your gratitude at the same time (as well as making the brands in question more familiar to you through the arduousness of the process).

So far J. J. Abrams and Rian Johnson resemble children at play, remaking the films they fell in love with. As an audience, however, we desire a fuller experience.

As recently as the lackluster episodes I-III of the Star Wars saga, the embossed gold logo followed by scrolling prologue text was cause for excitement. In the approach to the release of any of the then new prequel installments, the Twentieth Century Fox fanfare, followed by the Lucas Film logo, teased one's impulsive excitement at a glimpse into the next installment's narrative. Then sat in the movie theatre on the anticipated day of release, the sight and sound of the Twentieth Century Fox fanfare signalled the end of fevered anticipation. Whatever happened to those times? For some of us, is it a product of youth in which age now denies us the ability to lose ourselves within such adolescent pleasure? There's no answer to this question -- only the realisation that this sensation is missing and it has been since the summer of 2005. Star Wars is now a movie to tick off your to-watch list, no longer a spark in the dreary reality of the everyday. The magic has disappeared… Star Wars is spiritually dead.

Keep reading... Show less
6

This has been a remarkable year for shoegaze. If it were only for the re-raising of two central pillars of the initial scene it would still have been enough, but that wasn't even the half of it.

It hardly needs to be said that the last 12 months haven't been everyone's favorite, but it does deserve to be noted that 2017 has been a remarkable year for shoegaze. If it were only for the re-raising of two central pillars of the initial scene it would still have been enough, but that wasn't even the half of it. Other longtime dreamers either reappeared or kept up their recent hot streaks, and a number of relative newcomers established their place in what has become one of the more robust rock subgenre subcultures out there.

Keep reading... Show less
Theatre

​'The Ferryman': Ephemeral Ideas, Eternal Tragedies

The current cast of The Ferryman in London's West End. Photo by Johan Persson. (Courtesy of The Corner Shop)

Staggeringly multi-layered, dangerously fast-paced and rich in characterizations, dialogue and context, Jez Butterworth's new hit about a family during the time of Ireland's the Troubles leaves the audience breathless, sweaty and tearful, in a nightmarish, dry-heaving haze.

"Vanishing. It's a powerful word, that"

Northern Ireland, Rural Derry, 1981, nighttime. The local ringleader of the Irish Republican Army gun-toting comrades ambushes a priest and tells him that the body of one Seamus Carney has been recovered. It is said that the man had spent a full ten years rotting in a bog. The IRA gunslinger, Muldoon, orders the priest to arrange for the Carney family not to utter a word of what had happened to the wretched man.

Keep reading... Show less
10

Aaron Sorkin's real-life twister about Molly Bloom, an Olympic skier turned high-stakes poker wrangler, is scorchingly fun but never takes its heroine as seriously as the men.

Chances are, we will never see a heartwarming Aaron Sorkin movie about somebody with a learning disability or severe handicap they had to overcome. This is for the best. The most caffeinated major American screenwriter, Sorkin only seems to find his voice when inhabiting a frantically energetic persona whose thoughts outrun their ability to verbalize and emote them. The start of his latest movie, Molly's Game, is so resolutely Sorkin-esque that it's almost a self-parody. Only this time, like most of his better work, it's based on a true story.

Keep reading... Show less
7

There's something characteristically English about the Royal Society, whereby strangers gather under the aegis of some shared interest to read, study, and form friendships and in which they are implicitly agreed to exist insulated and apart from political differences.

There is an amusing detail in The Curious World of Samuel Pepys and John Evelyn that is emblematic of the kind of intellectual passions that animated the educated elite of late 17th-century England. We learn that Henry Oldenburg, the first secretary of the Royal Society, had for many years carried on a bitter dispute with Robert Hooke, one of the great polymaths of the era whose name still appears to students of physics and biology. Was the root of their quarrel a personality clash, was it over money or property, over love, ego, values? Something simple and recognizable? The precise source of their conflict was none of the above exactly but is nevertheless revealing of a specific early modern English context: They were in dispute, Margaret Willes writes, "over the development of the balance-spring regulator watch mechanism."

Keep reading... Show less
8
Pop Ten
Mixed Media
PM Picks

© 1999-2017 Popmatters.com. All rights reserved.
Popmatters is wholly independently owned and operated.

rating-image