What direction does the humanity sail in terms of the invention of new consumption goods or habits? Like smartphones, Facebook, the way we define genders, derivation of new words we add to our dictionary or any newly added component of our lifestyle? What is common in all newly produced concepts, words, actions or physical items? It is the concept of refinement. Let's take a closer look to Facebook. Why has it been so popular? What did it really do? Facebook is a new communication device that does not require so much commitment, or time, but still lets people to stay in touch with their social environment. This is obvious. The gap that Facebook filled in our social environment is that it "refined" the two options we used to have before. We all have friends and relatives we feel close enough to "call" on the phone. But we also have some people around us that we don't feel close enough to call and stay on the phone forever, because it is "awkward", i.e. costly to us. Emailing was an option, but the difficult thing about emailing is that you have too many of that type of friends, remembering to email them once a month on a regular basis? Too much work. So Facebook filled this gap by refining the existing ways of communication. Mathematically speaking, you had the option of 0 or 1, now you choose 1/2 if you wish, 3/4 if you are close enough to someone...Looking from this perspective, one can apply this method of thinking and analyze the newly invented concepts in terms of how they are a refinement of their ancestors.
Note, that there are other inventions that extend our choices "beyond" the spectrum of current choices. Invention of internet for example, is not a refinement of the previous existing technologies; it is an invention in the extensive margin.
-On the Morals of Choice Theory (But really, not economically!)
Coming Soon !!!