On visual economics and scarcity

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No longer special if you see it every day, but stands out precisely because you don’t.

Alternative title: why exceptional photographs will always be rare

Economics 101: value, regardless of how it’s measured (price, time, social media kudos, etc) is proportional to demand. Demand is regulated by intrinsic attractiveness to a given market, the size of that market, and the supply available. Regardless of how few of something there are, if nobody likes or wants it, then it has no value. Similarly, something that may be intrinsically cheap but in short supply with a huge demand might see its price rise out of proportion with the the actual cost, utility or materials of the goods in question. But it’s not just physical goods that obey this rule; intellectual property and even more nebulous intangibles that do not have a limited supply (e.g. there is no theoretical limit to the number of people who can view a photograph) do, too. Even the compositional elements of a photograph. If you’re ready for another one of my strange philosophies, read on.

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