So Last Century!—What Is a Price, and Why?
We think we know what a price is, but a price has an economic function, and that function has changed.
Through most of history a price was the outcome of a personal negotiation between human buyers and sellers, depending on the needs and powers of each, in an individualized context of personal interaction and knowledge of one another. Different buyers got different prices. Prices were a very personal thing. Buyer and seller were usually part of a community, and communal norms encouraged social values of caring, and even generosity between buyers and sellers.
Over the last century or so, institutionalized mass-marketing pushed that to the margins. ...
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