There is quite some misunderstanding about what goods and services in the economy are. Is this of any value? I’m not that sure. To say it differently is the usage of the goods and services not more important? An iPhone has no value for you. Connectivity and easy usage are handy.
Many goods have no economic value. What is the usage of oil when you can’t use it? That it is just some cancer-causing (if you swim in it) good? You leave it on the ground. But some innovations in the industrial revolution caused demand for it. A new revolution started and poor countries became rich.
Let me give you another example. A car is a car. But it could also be determined as steel with bones and some electronics. They are worthless to you when they are not properly put together. So the auto factory can make a living by doing this.
Then we don’t take into consideration that image and speed. After all, a LADA has a completely different image than a Spyker.
If we look at the value of the experience there is no better example than Apple. You don’t need to buy them for the superior design and capacity. You buy them for the feeling, to be part of the crowd of special people.
Every time a new product is launched, that has the appeal of something like Apple, we hear that it is not going to work. Just like a EUR 35,000 laptop. But it is a sales hit.
The failure to notice the importance of those things is just poor economics. It is said that this failure is normally made by those who are in charge.