Austrian "term structure of capital" paradox: high elasticity of derived demand + low elast of substitution in production.
That's from Garett Jones. Garett also asks:
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Do smart phones make waiting rooms uglier?
Uh, no. If anything a smart phone makes the “ugliness” of the surroundings less relevant.
Unless it’s a camera phone and you’re taking pictures.
anon,
Now do you get my meaning about technology =/= wealth?
But Andrew, if smart phone + ugly waiting room > not ugly waiting room – smart phone (and I think it is), then in this case, at least, technology = wealth.
anon above might be right. Smartphones could make time spent in a waiting room more productive, thereby incenting people to wait more. The service provider also becomes more productive (she keeps a queue and avoids downtime); the waiting room is more crowded, but amenities and decorations are shared among more people and become more valuable.
Transportation lounges and terminals are different, and these will probably become uglier; but people will still come in early in order to avoid missing their plane/train outright, so the same considerations might apply.
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