Wednesday, March 19, 2008

Price in the streets

During my exciting trip to New York, I observed how the streets were crowded with various types of street sellers. These street sellers tried to sell famous brands at "affordable" prices. However, because of their price it was clear that these items were just cheap knock-offs. At the same time, these type of items are in high demand because their value is higher than the price. Both the seller and the buyer are aware of the nature of the item, that is why this industry is so vibrant and has thrived for so many years in New York City, while in Seattle, this type of industry has not had very much success. As I explain in my website, this reveals trends in the perception of value in the streets of New York.