? 1. Consumables and durable goods.
? All the goods in the world can be simply divided into two types, one is called consumables and the other is called durable goods. What are consumables? That is to say, it can be consumed at one time. For example, a glass of juice, an egg, a banana and so on. So what are durable goods? It means that the services and functions he provides are scattered over a period of time, and you can only enjoy them when he has time. This is called durable goods.
? For example, painting this product, what oil painting landscape painting, if you want to appreciate this painting, you need to take time to appreciate it. For example, if you eat the fruit of a tree every year, the fruit is consumable, but the tree becomes durable. So what extensions do they bring? The single advertisement of Nankai Building is consumable, and the advertisement screen of this building is durable, one is time point and the other is relative time period. If we understand this concept, we can understand that we are also durable products, and we must play the role of distributing its services in the dimension of time. In other words, a durable product must play its value in the dimension of time and can distribute the services it contains, rather than consuming them at one time. For example, we have studied medicine for many years after studying for a doctor, which can not be realized at once, but it takes many years to gradually realize the value. Any resource, skill or endowment that can bring income is durable goods.
? 2. Patience and impatience consumption preference.
? Before writing this letter, I always think of a famous article, which is about Zhang Yiming's delayed gratification and full of economic principles. What we say needs to play a service or function in the time dimension are durable goods, but the degree of tolerance for time is actually different. Future uncertainty, natural disasters, wars, man-made disasters, aging and so on. Because people's life is limited, people will have a consumption preference for time. We say that many things should be done sooner rather than later, that is to say, people prefer certain consumption today to uncertain consumption tomorrow.
? If everyone's patience with time is different, we can say that everyone's patience and flexibility with consumption in the time dimension are also different. Some people have high intensity, while others have weak intensity. Old people are more patient, while young people are less patient. Different imaginations in children's minds will also affect the degree of patience, because when they firmly believe in one thing, this degree of patience will become stronger, which is what we often say.
? What's the use of understanding this? There is a concept here, that is, you prefer to need it right away, and some people prefer to need it in a few days, so that the transaction between them can be realized. The difference between them is that one is spot and the other is futures. There will be transactions between those who prefer spot and those who prefer futures. What is the price ratio in the middle? It is what we call interest, and the difference is the spread between some people's futures and spot. What determines the interest rate? Is whether the degree of impatience is large enough. Those who want to spend later will compensate those who originally spent earlier but accepted futures, because they can postpone spending. This kind of compensation is the basis of interest rate. The more uncertain the future, the greater the compensation, the longer the consumption drags on, the longer the compensation time, and the higher the interest.
Interest rate is a kind of compensation for people to delay consumption, so the more uncertain the future, the higher the interest rate. So let's look back at Zhang Yiming's "delayed gratification". The more patient and self-disciplined you are about time, the greater the price difference between you and those who need to buy the spot. Over time, your interest rate is actually rising, which is what people often call the compound interest effect.
Golden sentence and silver sentence 026:
1. The lower the loan interest, the harder it is for the poor to get loans.
The interest rate below the market standard will be obtained by the rich and powerful, but not by the poor. Therefore, some economists believe that the interest paid to the poor is higher than the market, so those with power and connections will disdain it and money will flow to the poor. The author still agrees with this view. There are many such cases around. If the spread is large enough, it will attract the profitable people to wait for the opportunity, and the person who really needs it may be riding a donkey.
2. The four constraints of being born as a human being.
Things are not enough, time is limited, and interdependence and coordination are needed.
3. Tragedy of the commons
Refers to the limited resources are destined to be overexploited due to the requirements of free access and unrestricted access. As everyone is seeking to expand the resources he can use, conflicts will eventually arise because of limited resources, which will harm everyone's interests. The essence of the tragedy of the commons is a zero-sum game.