Value is relative

Imagine this sales pitch: Special sale. Normal price is $39.95. Now, for a limited time, get it for only $329.95! Makes you want to run out and buy whatever it is, doesn’t it? Why would anyone do this? Why would a seller imagine that they would find buyers for such transaction? The answer to that lies in the law of supply and demand.

 

If the demand for something is high and the supply is low, the value of that item or service will go up and up. Take diamonds, for example. Everyone who has ever done any reading on the subject knows that diamonds are only as valuable as they are because the demand for diamonds is high and the supply low. Diamonds are supposed to be rare, only they are not. This is a case of artificially inflated prices. The DeBeers Consolidated Mines company has had a monopoly on the world’s supply of diamonds for over 100 years. They control how many diamonds can enter the marketplace so as to keep the prices high.

 

In my practice, I have always used microcassette recorders to dictate my patient notes. The tapes are given daily to our transcriptionist, who listens to then and types out each note on paper, to be put into the patient’s chart, then erases the tape for reuse. It is an expensive, efficient system. We briefly used digital cassette recorders but didn’t like them. They were more complicated to use, were not as easy to cue and review dictations, and required a more expensive system for the transcriptionist. So, we went back to the old, reliable system. Eventually, our microcassette recorders broke down from daily use, not to mention the occasional drop on the floor. When I went to replace my recorder recently, I discovered that they were no longer available at our usual sources, big box office supply stores, like Office Max, Office Depot, and Staples. No problem, I thought, I’m sure we can find these on the internet.

 

Searching the web, and Googling microcassette recorders, at first, I thought I was seeing things. The recorders we used to purchase for $39.95, were now all over $300!! The situation soon became clear. These simple little machines were no longer being manufactured, as digital recorder users had become the rule since we last purchased one. However, a few entrepreneurial types had accumulated caches of never sold recorders and were offering them to those of us who chose to stay with the old system, at a price, a premium price.

 

Value is a funny thing. Supply, or rarity, is one determinant. Another is what goes into acquiring something. There is a race, the Western States 100 miler, arguably the world’s most rigorous foot race, along the Western States Trail in California. Runners must complete the 100 mile course in under 30 hours, a lot of it in the dark, in nearly inaccessible areas of California wilderness. For this they receive a…….belt buckle. The winners get their names engraved on a trophy, which they do not get to keep. There is no money award for the winner. I would say, with  little fear of disagreement that finishers regard it as a very valuable belt buckle.

 

I’ll wager that the Ironman finisher’s medal is inexpensively cast of cheap metal. I would guess that the actual cost of one of these is probably a few dollars, probably much less. Even so, I think I would rather have one of those, legitimately earned, than even a diamond!

Florida Ironman Training Log: I am starting to see progress. Last week’s long bike ride was one of my fastest solo rides at 15.7 mph average over 45 miles. I have also noticed that I am not getting as sore after the strength training sessions, even though I am still convinced that Karl is trying to kill me. He disguises his efforts by asking me, “are you alright”, repeatedly, as I gasp, whoop, and grimace through the workout. I find myself continually calculating how long I figure to be able to finish each discipline, then working out the total time it might take to finish. All I have to do is keep the final figure under 17 hours. Anything better is icing on the cake.

 

Week’s Training Summary:

Mon. 7/8- Swim, 2875 yards @2:23 min/100 yds, total time 1:15:30 hrs

                   Spin session, 7.27 miles with intervals 4 X 90 seconds hard

Tue. 7/9- Swim (at NTC) 1625 yards @2:19 min/100 yds, total time 47:34 min

                 Strength session at NTC

Wed. 7/10- Run, 3.51 miles @9:02 min/mi, total time 31:40 min

Thu. 7/11- Swim, 2775 yards @2:25 min/100 yds, total time 1:14:13 hrs

Fri. 7/12- emergency surgery, no training session

Sat. 7/13- Bike, 46.53 miles @ 15.7 mph, total time  2:58:02 hrs.