Wine, Water, and Prices
By David Henderson
My works are like water. The works of the great masters are like wine. But everyone drinks water.
I thought of this quote above while reading the highlights of Russ Roberts’s interesting EconTalk with Janine Barchas on the Lost Books of Jane Austen.
The economics were fascinating. If not for the fact that an entrepreneur drove down the price of Jane Austen books to make them affordable to the masses, we probably would not have heard of Jane Austen.
That made me think of the Mark Twain quote above, which is about the content of the work, not the price. Nevertheless, there’s probably a connection: if you sell water, make sure you price it below the price of wine. Interestingly, just as I made the link between the price of Jane Austen books and the Mark Twain quote, along came a mention of Twain in the interview that was not flattering to him. The green-eyed monster is a tough one to get under control.