Someday, I’ll finish the tale of the Murphy Family’s European adventure and include pictures of Venice, my favorite of all cities. Until then, you’ll have to make due with this story:
Immediately upon arriving in Venice, Italy, a friend asked a hotel concierge where he and his wife could go to enjoy the city’s best. Without hesitation, they were directed to the Cafe Florian in St. Mark’s Square. The two of them were soon at the cafe in the crisp morning air, sipping cups of steaming coffee, fully immersed in the sights and sounds of the most remarkable of Old World cities. More than an hour later, our friend received the bill and discovered the experience had cost more than $15 a cup. Was the coffee worth it, we asked? “Assolutamente!” he replied.
Venice is that good. Heck, I’d take up drinking coffee just for that experience.
The post I took it from is also quite good, and explores the difference between cost and price and why music, even in the digital age, won’t be free. The value (and thus the price a consumer is willing to pay) of an experience to a consumer is not the sum of the costs that go into that experience.
And who says posts about economics have to be dismal and boring?