Surplus to requirements

Tyler Cowen takes the iPhone early adopters to task:

It is you people, you who resent Coase (1972), you people who induce wage and price stickiness and widen the Okun gap. You people, who don't know what it means to sit back and enjoy your consumer surplus. You beasts!

And to think you are all carrying around these wonderful icons of modernity in your pockets...


(I thank a loyal MR reader for the pointer. Please note this post was published from my iPhone.)

As an occasional early adopter myself, I suspect that the first emotion that the iPhone buyers felt was not anger at Apple, but anger at themselves for having such insistent preferences. The regret that youare a moron, however, is much harder to bear than the regret that Apple has turned out to be evil.