josedio08 :
I mean, first, fundamentally, scarcity does exist trivially, both for the workers, owners, and clients of luxury restaurants. There’s a massive monetary incentive that can effectively predict, to a great degree, whether or not people will go into these fields and whether the restaurants are competitive. All that luxury dining tells us is that when you have extreme amounts of wealth, the marginal value of each dollar goes down significantly, which is more or less one of the fundamental axioms of almost all modern economic models, so it really shouldn’t be a surprise, especially remembering that economics is the science of scarcity. There’s also a huge selection effect: elite restaurants disproportionately attract people motivated by prestige, mastery, and competition.
2026-10-16 14:53:48