How Money Works How Companies Cheated Price Fixing Laws... With Math | How Money Works
How Companies Cheated Price Fixing Laws... With Math
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#business #inflation #finance
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Algorithms are everywhere.
Every app, every website, EVERY business you interact with has a program working away in the background to show you what you want to see, get you to make decisions you didnât have to, and make you spend as much as youâre absolutely willing to on stuff you didnât know you neededâŠ
A month ago Wendyâs CEO Kirk Tanner announced that the fast food franchise would be introducing dynamic pricing. A system where how much you pay for a Baconator would depend on an algorithm that balanced customer demand with store capacity.
According to the companies announcement they were planning to invest twenty MILLION dollars [$20,000,000] into this technology before it was rightfully ridiculed across the internet.
This was a win for the little guy that just wanted to clog their arteries at a predictable price point, but Wendyâs only mistake was announcing their plans. Dynamic pricing is already here, and itâs making inflation and essential feature.
So itâs time to learn How Money Works to find out how mathematical models mandated inflation.
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