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eve_of_distraction t1_j1y8mt2 wrote

Reply to comment by natepriv22 in AI art is the ‘machine made fabric’ of tomorrow. by thetwitchy1

According to Collins Dictionary:

"Luxury goods are things which are not necessary, but which give you pleasure or make your life more comfortable."

Let's not overthink it.

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natepriv22 t1_j1yaecj wrote

That's a linguistic not economic definition.

"In economics, utility is the satisfaction or benefit derived by consuming a product. The marginal utility of a good or service describes how much pleasure or satisfaction is gained by consumers as a result of the increase or decrease in consumption by one unit."

The definition you provided still doesn't give a proper method of classification of what a luxury good is.

Here is what you're probably looking for:

"In economics, a luxury good (or upmarket good) is a good for which demand increases more than what is proportional as income rises, so that expenditures on the good become a greater proportion of overall spending."

TLDR: in other words, in a desert full of diamonds, water is a luxury good, while in a city full of water, diamonds are a luxury good.

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eve_of_distraction t1_j1yk50o wrote

>water is a luxury good

Nonsense. Water is one of the basic necessities of survival regardless of the environment. Get out of here with your esoteric relativistic obscurantistism. 🤦

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