Referenced Article: Debt to Pleasure
Source: The Economist Magazine
This article bears a profound message on how the increased knowledge of choice architecture could turn traditional economic models upside down.
I believe this is a big part of why I enjoy working in the luxury industry. We design choice frameworks that can seem counterintuitive to traditional economists.
I think the current economic definition of luxury goods (see example here) discounts much of the psychological and anthropological cushions we rely on to make purchase decisions.
This is such an exciting field and will reap huge benefits for both the public and private sectors.
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Thanks to A.M. and EL for the likes. Please visit their blogs sometime.