In economic theory, the main objective of Homo Economicus is to maximize his well-being given knowledge of his environment and what it entails of opportunities and constraints. That is, Mr. Economicus will make decisions that maximize his utility (or the extent of satisfaction gained from a good or service) at the least possible cost. In other words, Homus Economics is a perfectly rational being who only seeks self-interest under perfect information

In the realm of the consumption of the latest and greatest gadgets, Homo Economicus doesn’t exist.

Not just because the whole concept of perfect rationality, according to behavioral science, is bullcrap, but also because – simply speaking, in the realm of the gadget world a hypothetically Homo Economicus simply cannot stay rational faced with the rather potent combination of Moore’s Law, modern marketing techniques, and stuff made by Apple.

Those who know me know that I am a sucker of all things tech. Yes, I am all for being exercising self restraint and only buying things you need with respect to getting things done and having your gadgetry ecosystem in a good working order, but I am also an expert at self-deceit when it comes to drawing the line that separates “things I need” from “things I do not need” or “things I need but can live without” or “things I need but not right now”. That line is often drawn and redrawn depending on three variables:

1. The relative coolness of the “thing” in question


2. My marginal utility of buying said “thing”


3. Budget constraints (which is always a deal breaker)

That is, the purchase of a new gadget can only be justified by the extent of change in utility between the two states of being without and with the gadget. And since quantifying such a change in utility depends on my own definition of usefulness, or the magnitude of change in the aforementioned states, such wonderful ambiguity makes it always legit to splurge on technology!

That’s why I love economics.