Philip Muscle
speaker
19 appearances
1 recordings
1 series
first heard Feb 2013
last heard Feb 2013
Philip Muscle’s voice in public audio — every appearance, attributed to the second.
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Appearances
Well, quite simply, one of historical importance.
People feel that the center has been around since the United States was created back in 1776, and they want that part of their heritage to remain.
It's a simple emotive argument, and it doesn't actually have any economic value.
Apart from the fact that people want to keep the penny, there is to a certain extent the idea of psychological pricing.
People like to see things to 99 cents because they believe that they are getting something cheaper than a dollar.
I still fall for it.
I see something at $3.99 and I think, oh, it's three something when in fact it's $4.
It's something that works across multi-industries.
That is happening across the world.
There's a system called Swedish rounding.
Now, a lot of countries have adopted this.
For example, in the Eurozone, you have Netherlands and Belgium particularly who no longer produce the one cent or the two cent Euro cent coins.
What they do and a number of other countries do this, Australia does it with their coinage, New Zealand does it.
If something is 1, 2, 3, or 4 cents, then they will round it down.
If it's 6, 7, 8, or 9, they'll round it up.
So their argument is that it swings and roundabouts.
Sometimes you'll get things rounded up.
Sometimes you'll get things rounded down.
However, the penchant for psychological pricing so that so many things are 99 cents means that there will probably be more things that are rounded up than there are rounded down.
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