The second fundamental law of economics and finance

Recently, I published a new page on this website. It is entitled “The fundamental rules of economics and finance” and represents a sort of vademecum I have written to set some firm points I have learned throughout the years. I was so certain of their ineradicability that I had the audacity to refer to them as laws. Rules #3 states:

The price of a good is in the eyes of the person who wants to buy it.

I myself just experienced this law from the buyer’s side. A few weeks ago, a new fitness center opened nearby. As soon as I got to know that it is open 24/7, I could not resist to give it a try. Needless to say, right after the first free test session, I subscribed. No matter the cost, I would have done it because the possibility to train whenever I want is priceless to me—as far as I know, this is the only center in the area that is never closed. This is exactly the meaning of the third law.

The center is part of a franchise chain whose claim is “Train the happiness”:

Of course, this is typical marketing stuff aiming to tickle the emotional part of our brain i.e. the one responsible for purchasing decision-making. This chain offers several optional courses and services as well to achieve global wellness that goes beyond just physical training. That’s why they state their customers are able to “train their happiness”. Frankly, for the time being I am not interested in these options. Nevertheless, they made me happy anyway: I just needed to know that I could train at any time.

Update: Saturday 29th June 2024 around 11:30PM. The gym is practically at my full disposal. Also, between exercises I just found out the power of the YouTube Music app: its AI-based algorithms are relentlessly providing me with a stream of tracks that are perfectly aligned with my musical tastes. I’m bordering on a mystical experience.

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Credits

Featured photo by Karolina Kaboompics: https://www.pexels.com/photo/crop-man-getting-dollars-from-wallet-4386433/.