What Are Your Thoughts on Kevin Kelly's (Founder of Wired

question 39

Essay

What are your thoughts on Kevin Kelly's (founder of Wired magazine) argument that "access is better than ownership?"

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Definitions:

Income Elasticity

A measure of how much the demand for a good or service changes with a change in consumers' income, indicating the nature of the good as either a necessity or a luxury.

Hybrid Cars

Vehicles powered by a combination of an internal combustion engine and one or more electric motors, using less fuel than conventional cars.

Normal Good

A type of good for which demand increases as the income of the consumer increases, showing a direct relationship between income and demand.

Income Elasticity

A measure of how much the demand for a good responds to a change in consumers' income.