By Gordon Rugg
As regular readers of this blog will know, I have an awed respect for the ability of Ancient Greek philosophers to spot a really important point, and to then produce an extremely plausible but only partially correct explanation, sending everyone else off in the wrong direction for the next couple of thousand years.
Today’s article is about one of those points, where the Ancient Greeks didn’t actually get anything wrong, but where they laid out a concept that’s only part of the story. It involves a concept that can be very useful for making sense of consumer preferences and life choices, namely the difference between intrinsic properties in the broad sense, and extrinsic properties in the broad sense.
Here’s an example. The image below shows a pair of Zippo lighters. One of them is worth a few dollars; the other is worth tens of thousands of dollars, even though it’s physically indistinguishable from the first one. Why the difference? The answer is below…