EP 428: "You paid WHAT for that?!" Or, How Echo Chambers Distort Prices and How We Think

Published: June 8, 2023, 8 a.m.

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I\\u2019m about to write the most journalistic thing I\\u2019ve ever written: I received a tip.

I wish I could say it was an \\u201canonymous tip\\u201d because that sounds even more journalistic. But it wasn\\u2019t anonymous, though I won\\u2019t say who it was. Anyhow, my source told me about a small business owner\\u2014someone who sells online courses and does quite well\\u2014paying an outrageous sum for a fairly standard service.

This, of course, was not an isolated incident. I didn\'t really need a tip. I know all about this kind of thing. Wildly inflated prices grace all manner of products and services within the creator economy, coaching industry, and "online business" space in general.

\\u2018What\\u2019s going on?\\u2019 my source wanted to know. \\u2018How do people get caught paying so far above market rate? And why do people charge prices so out of whack with the market?\\u2019 I totally paraphrased all that. Here\'s what my source really asked about: "the gaslighting inflationary online pricing bubble."

In this episode, I endeavor to get to the bottom of the Gaslighting Inflationary Pricing Bubble Online\\u2014GIPBO. I discover that it\'s not so much an economic problem (although that\'s part of the story). It\'s an epistemological one.

Footnotes:


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