@freakazoid So, dynamics can turn up in various forms. I've tried (unsuccessfully) to catalogue the in the past.

There's fiat or imposed value, as with coin. Also with transjurisdictional standards, such as divorce law and shipping registries ("flags of convenience"). Whatever the *minimum* acceptable *somewhere* is, is acceptable *everywhere*.

There's effective perceived value -- Mencken's "Brayard", or consumer technologies, or bicycles.

@o @woozle


@freakazoid The "variable quality" issue is largely the "Market for Lemons" instance. Akerloff solves that by providing more information. That works *if you can meaningfully assess that information*, which for highly complex goods becomes a highly questionable proposition.

Overly-tailored goods are "gadgets". Things that do only one thing, or fit only one circumstance. They're like close-fitting clothing. Change any constraint, and they no longer apply.

@o @woozle


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