Das Philoblog

Marginal revolution: “The dead shark cost $12 million to buy but, of course, it didn’t cost nearly that much to make. So the production process isn’t eating up too many societal resources or causing too much damage to the environment. For the most part, it’s money passing back and forth from one set of hands to another, like a game — and, yes, the game is fun for those who have the money to play it. Don’t laugh, but we do in fact need some means of determining which of the rich people are the cool ones, and the art market surely serves that end.“