In an economy where the relative wealth of rich and poor people is constant, poor people and rich people both have consumption equal to their income.
Don’t rich people tend to die with a significant portion of their lifetime income unspent, while poor people don’t?
I do really like this essay. It’s generally a good idea, and there are a lot of situations where I would find this idea useful.
One thing I want to dive into a little bit here is this:
I do think there are things, especially in terms of social interactions and between friends, that really shouldn’t have a price on them, because they’re things that only make sense if they’re already net-positive actions that make everyone happy without money being exchanged, and once you’re paying someone you create uncertainty about that. If I invite you to come to a party, I want you to come if you want to come and not come if you don’t, I really wouldn’t be interested if the only way for both of us to be cheerful about you coming to my party would happen if one of us gave money to the other for the privilege. There are ways around it (if I have a bunch of people over and they want to chip in for pizza or whatever I certainly wouldn’t be offended), but for the most part I only want those kind of things to happen if everyone involved has a cheerful price of zero, otherwise it’s not as much fun.
You can extend that to a lot of other minor favors in a friendships; many of them may be something that is most optimal if it’s something that makes us both happy without money, and once one of us is paying the other for it, it can change the dynamic in a way that isn’t great. I would never say “how dare you price that in money” because I would never find the suggestion offensive, but there are times when I do think involving money makes it less optimal than it could be.
That being said, I do really like your “cheerful price” idea, especially in cases where someone is doing something for me that they would otherwise expect to get paid for (like asking a friend who’s a professional photographer if they want to take photos for an event I’m holding.)