It's rise in India is so fast and deep that it's been sold in local trains for 40-50 Indian rupees (~70 cents). Almost everyone from kids to adults in office and park started spinning it for no reason because they saw someone else spinning and it was just cool. PS: I bought two while in the local train. For me and my wife. A day before that a kid in my flat was showing off his skills and a week after that my 40ish ma…
> 40-50 Indian rupees (~70 cents) Ha! They sold for CAD$15 around here...
The Rise of the Fidget Spinner and the Fall of the Well-Managed Fad
81–90 of 90 posts
Re: The Rise of the Fidget Spinner and the Fall of the Well-Managed Fad
#82If you read between the lines this is the broken window fallacy: We need people to make useless junk in order to have jobs. But now there is no one making sure the useless junk stays popular, so less jobs. Except that's exactly the broken window fallacy: We could instead spend that money on other things.
The broken windows fallacy has an element of coercion or force that's not present in consumer fads. Nobody is forcing anyone to buy fidget spinners in order to live their lives/operate their business. The baker replaces his broken window because it's untenable not to. People buy fidget spinners because they _choose_ to value the spinner more than other goods that they could purchase.
Re: The Rise of the Fidget Spinner and the Fall of the Well-Managed Fad
#83If you read between the lines this is the broken window fallacy: We need people to make useless junk in order to have jobs. But now there is no one making sure the useless junk stays popular, so less jobs. Except that's exactly the broken window fallacy: We could instead spend that money on other things.
Did you get to the part about essentially all travel agencies being disintermediated? Fidget junk is just an allegory for a much more pervasive trend.
I feel like the travel agency bit in there actually worked against their thesis.
Re: The Rise of the Fidget Spinner and the Fall of the Well-Managed Fad
#84I'm confused... she sold tens of thousands of dollars of fidget spinners, getting on that craze immediately that she heard about it (she had product within 5 days) and knowing that it was a fad that was destined to die out (hardly the first... I remember Tamagotchi's pretty well, and the apparently New Zealand-only Chatter Ring). I don't think the comparison to TripAdvisor and travel agents is particularly strong, an…
> I don't think the comparison to TripAdvisor and travel agents is particularly strong, and I think you'd be hard pushed to make the case that thousands of travel agents who'd maybe heard something about the place you wanted to go is better than thousands of reviews and photos from people who've actually been there. TipAdvisor has lots of problems, to be sure, but it's still better than travel agents. Do you remember…
Re: The Rise of the Fidget Spinner and the Fall of the Well-Managed Fad
#85If you read between the lines this is the broken window fallacy: We need people to make useless junk in order to have jobs. But now there is no one making sure the useless junk stays popular, so less jobs. Except that's exactly the broken window fallacy: We could instead spend that money on other things.
Not exactly. Economics is all about trading. Trading is all about wants, desires, and needs. If I make something that everyone wants, it is not useless junk, useless junk is something nobody wants. So it's actually very important to have feedback from middlemen who's livelihood is actually tied to successfully making available desirable things. There's an economic study I remember seeing in the last couple of decades…
Middleman have a interest to sell there products, even to extreme outliers- it is very often middle-man who push buisness ideas.
"Yes, you run a rifer-rafting company. Have you ever considered to take a trailing craft along with beverages, like..."
Re: The Rise of the Fidget Spinner and the Fall of the Well-Managed Fad
#86Earlier quoted context omitted.
Not exactly. Economics is all about trading. Trading is all about wants, desires, and needs. If I make something that everyone wants, it is not useless junk, useless junk is something nobody wants. So it's actually very important to have feedback from middlemen who's livelihood is actually tied to successfully making available desirable things. There's an economic study I remember seeing in the last couple of decades…
Making something that everyone wants is a separate thing than making everyone want something. You can do both and make a lot of money, but if the former is fixing the windows the latter broke people still aren't better off. For the "middle man" study, I don't know how they came to that conclusion. But the more obvious assumption seems to be that economic output can support more middlemen, so I'm curious what data the…
The true value of a middle man is connecting buyers and sellers who would otherwise have no idea the other existed, or otherwise facilitating the transaction.
Here's an example that I'm currently involved with. I was approached by someone to create a device that's needed on the market, but doesn't exist. I'm quite capable of building the thing and familiar with the domain, but never knew the thing was needed. Similarly, the company approaching me doesn't have the internal skills to build the device, but they can sell it. The market for this particular device isn't very large (it's only businesses who have machinery that was built using a particular older technology and need to have repairs done), and there are alternatives, so that explains why no one is building these.
In this case, the company that approached me -- the middle man -- has excellent knowledge of the market and its needs and how to best serve them. I, the producer, had no idea this product was needed, and even knowing that now, have no access to this segment of the market, and it's simply not large enough to make it worth my time to begin a marketing effort in that direction. Similarly, the end customers have never heard of me, and have no concept that such a device could even be built.
So there you are, a middleman has just added value by offering to buy something that I otherwise would not know to build, and by selling it (along with other products and services), to a very underserved market that otherwise would be forced to purchase newer equipment they otherwise don't need.
Re: The Rise of the Fidget Spinner and the Fall of the Well-Managed Fad
#87Earlier quoted context omitted.
Seriously. Furbies, tamogatchis, pogs. There was that season where suburban moms were practically dueling to the death over Tickle Me Elmos.
But honestly aren't all of these more complex than Fidget Spinners? I feel like we've reached a new low with these.
Re: The Rise of the Fidget Spinner and the Fall of the Well-Managed Fad
#88Earlier quoted context omitted.
I already said that the windows were already broken . And I explicitly said people who would be otherwise unemployed . It's like you didn't read what I wrote. And if breaking windows is a thing we value in society, then it wouldn't be a bad thing to go around breaking windows and continuously employ people to fix them up again. The reason I'm stretching it like this is to make "broken windows fallacy" fit fidget spin…
https://en.wikipedia.org/wiki/The_Scheme_for_Full_Employment
Re: The Rise of the Fidget Spinner and the Fall of the Well-Managed Fad
#89Earlier quoted context omitted.
(off topic sorry) but how about a better kite? A Revolution 4 line is an amazing kite, and stupidly fun to play with and brilliant to watch. And can be launched alone. Highly recommend them, example video - https://youtu.be/sPSyuvCJF4M So much can (and will) go wrong with an rc plane - another alternative would be a quad?
The reason I thought RC Plane is because of the cool factor and you can get the polystyrene starter kits that can survive a hefty crash plus it's a change to teach him about electronics and we can attack a camera to it. He also wants to build a robot so I'm thinking something tracked with camera's and sensors.
Love my quads now - even a hubsan x4 is a great starter - can fly inside and outside - though not big enough to carry weight - anyway, sure you'll get him something cool - lucky kid ;)
Re: The Rise of the Fidget Spinner and the Fall of the Well-Managed Fad
#90Not all fads are the same. Some are genuinely interesting product lines that just happen to start as a fad, but stick around (Beanie Babies, video games, and Magic: The Gathering). Others are just fads with no legs (Fidget Spinners, Slap Bracelets, and Cabbage Patch Dolls).
They had to ban slap bracelets because the cheap knock offs weren't sanded down and ended up being sharp pieces of tape measures tape.