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K-pop: Individual Cognition Theory

Joseph Hwang 1. Individualization of Value If I were to be asked to provide a concise definition of art that is grounded in the human senses, I would suggest that the key elements are "look (visual perception)" and "storytelling (narrative)." Any entity must exist in a cognizable form to communicate with other living beings. This form can be described as "appearance," while the narrative provides a temporal dimension, thus giving the entity life. It is only through the medium of life that art can create meaning; through this same medium, the message of that meaning can be conveyed.  It was previously stated that the economic value of each musical composition is unique. Similarly, the financial value of the artist who performs and delivers that music is also variable. Since music is an aural phenomenon, it lacks a visual representation. However, the artists who create and perform music possess a visual identity. Each artist possesses a distinctive appearanc
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Posted by Joseph Hwang

Inalienability

Joseph Hwang


Inalienability is one of the most important things in the entertainment business. It's the reason why some entertainers are worth more than others. It's also related to the intrinsic value of an entertainer and the differences in economic value between celebrities.


The general principle of economics is also applied to this attribute. There is no exception to how value is created, even in the personality of the human being dominates this industry and market. Inalienability is the basic resource that makes scarcity possible. Scarcity gives economic value based on the law of supply and demand, which is the golden rule in the market system. That is, inalienability is the most important key factor in the entertainment and media business.


So as to the inalienability, we need to consider and focus on why, and how we can build the value of the intangible asset that is our unassignable personalities and characteristics as human beings.


Even the most beautiful woman in the world would be getting lose her value if all women were beautiful. So on the intangibles related to the visualized concepts, such as the beauty of appearance, the attractiveness of shapes, and colors, the value of these things tends to be affected by the portion of the population. But the feeling-based concepts like the individual characteristics, uniquenesses, or originalities, tend to be less affected by it. After all, people feel and judge the value of the intangibles combined with the visualized and feeling-based concepts, but the ratio of the combination is different.


Take, for instance, there's the impersonator who looks so much like Tom Cruise, the actor! Even though he closely resembles Tom Cruise, his performance fee is not like Tom's. Never, ever! Because the impersonator's originality is not perfectly the same as Tom's. So, what comes the value from the entertainers? Let's think about it!


Of course, the value and price are absolutely not the same things. But, the volatility of value can affect the performance fees (price) that entertainers get in the real world.


The value of entertainers comes from the inalienability of characteristics and personalities of human beings, it forms the scarcity in the economic viewpoint, and then the value of scarcity makes the prices of entertainers in the market by the rule of supply and demand.

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