> One trap that people fall into is equating what people say they want with what they actually want - at least as expressed by what they are willing to pay for

Another trap people fall into is equating what people are willing to pay for something, with the amount of value that's actually able to be captured in the market for that item.

The finance industry, say, is able to capture a lot of the value they create (some might say more than they create). Some other industries, less so.