Hedonic adjustment is bullshit
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Read Ian for the gruesome Orwellian-ness, but here's a little parable.
My one real luxury is coffee I grind myself. Every morning, day in and day out. So, four years ago, when I came up here, I got myself a new coffee grinder, white, some brand or other; it was sleek and oval designer-ly; a bright young thing.
So, the sleek new grinder broke down in about six months. And I reverted to a squat, round, un-designerly coffee grinder that my parents bought over in France when I was a child and the family was there on sabbatical; dug it out of the attic.
And four years later, after daily grinding, that grinder is still grinding away, making, in fact, the same noise that would wake me when my father ground his coffee, more years ago than I care to think.
So, under "hedonic adjustment," I'd get more pleasure, and the economy would be that much bigger and better, if I'd bought one of those designerly coffee grinders every six months for four years, than if I'd used the same grinder my father used, without spending a dime.
That's bullshit.
NOTE Via Avedon.

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Capitalism: A tale of two screenplays
Brad DeLong offers his synopsis of the, as yet, unfilmed prequel:
Ironically, it was the gritty sequel which made it to the Big Screen as the 1948 film Key Largo. Here's the final scene (or, at least, it was the final scene in the original storyline):
Snappy dialog...
I like this:
Great comment, CMike. I'll never understand why you don't post.
Qu'ils mangent des iPads!
as the lady (almost) said.
Heh
Nice headline, there.