Showing posts sorted by relevance for query Demand. Sort by date Show all posts
Showing posts sorted by relevance for query Demand. Sort by date Show all posts

Thursday, December 7, 2023

Veblen

Veblen (pronounced vebluhn)

A product (a good) for which demand increases as the price increases, an anomaly in the classical laws of demand in the science of economics.

1899: The name is from the author, US economist and sociologist Thorstein Veblen (1857–1929); his observation was first mentioned in his book The Theory of the Leisure Class (1899).

Hermes Pink Ostrich Handbag.

The Veblen effect is one aspect of conspicuous consumption; it describes individual or corporate spending of money on goods and services for the purpose of displaying their financial resources, usually as a means to manifest social power and prestige.  It's related to the dealer's saying in the antique business: "If something doesn't sell, keep putting up the price until it does".  As a phenomenon the behavior obviously pre-dates social media but TikTok, Instagram and such have proved the ideal platform for both the flaunting of wealth and faking it.  Veblen goods are those which (at least to a certain point), behave differently from the classic demand curve of orthodox economics in that demand for them rises as the price increases.  They are usually luxury products (a thing something inherently a product of their price) but there are cases where transitory shortages not always directly related to cost can create scarcity and thus a desirably; the diabetes drug Ozempic which is used by those attracted to its appetite-suppressing side effect is an example.  The retail price at which most luxury goods are sold can contradict classic economic theory as demand, instead of increasing with a decrease in price, follows the opposite curve although the demand curve does not increase indefinitely with the price.  Once a certain threshold has been reached, demand will drop or fall away completely but the propensity to purchase goods and services on account of the higher rather than lower price differential compared to average prices in a generic category is one of the principal characteristics of the luxury domain.  

Lindsay Lohan with Hermes Pink Ostrich Birkin, London, 2017.

One interesting reaction by manufacturers or retailers to a price threshold being reached (at which point demand begins to fall), is artificially to create an impression of a supply-side shortage.  When it appears a price-point is exceeding what even conspicuous consumers will pay for a certain handbag, manufacturers sometimes claim they’re limited-production items available only to selected clients.  This is rarely true, the handbag being just another part-number, manufacturers producing as many as required to meet demand.  Economists provide some nuance to the Veblen effect by noting the influence of what they call “income and substitution effects”.  The income effect suggests that as the price of a Veblen good rises, individuals with higher incomes may actually experience an increase in real income (since they can still afford the more expensive item) and therefore demand more of the luxury item; the substitution effect is overridden by the desire for the specific status or prestige associated with the higher-priced item.  The professionals also caution the Veblen effect is not universal and both between and within cultures it can’t be relied upon always to appear as some manufacturers and retailers has discovered.

Sunday, May 21, 2023

Demand

Demand (pronounced dih-mand (U) or dee–mahnd (non-U))

(1) To ask for with proper authority; claim as a right.

(2) To ask for peremptorily or urgently.

(3) To call for or require as just, proper, or necessary.

(4) In law, to lay formal claim to.

(5) In law, to summon, as to court.

(6) An urgent or pressing requirement.

(7) In economics, the desire to purchase, coupled (hopefully) with the power to do so.

(8) In economics, the quantity of goods that buyers will take at a particular price.

(9) A requisition; a legal claim.

(10) A question or inquiry (archaic).

1250-1300: From Middle English demaunden and Anglo-French demaunder, derived from the Medieval Latin dēmandāre (to demand, later to entrust) equivalent to  + mandāre (to commission, order).  The Old French was demander and, like the English, meant “to request” whereas "to ask for as a right" emerged in the early fifteenth century from Anglo-French legal use.  As used in economic theory and political economy (correlating to supply), first attested from 1776 in the writings of Adam Smith.  The word demand as used by economists is a neutral term which references only the conjunction of (1) a consumer's desire to purchase goods or services and (2) hopefully the power to do so.  However, in general use, to say that someone is "demanding" something does carry a connotation of anger, aggression or impatience.  For this reason, during the 1970s, the language of those advocating the rights of women to secure safe, lawful abortion services changed from "abortion on demand" (ie the word used as an economist might) to "pro choice".  Technical fields (notably economics) coin derived forms as they're required (counterdemand, overdemand, predemand et al).  Demand is a noun & verb, demanding is a verb & adjective, demandable is an adjective, demanded is a verb and demander is a noun; the noun plural is demands.

Video on Demand (VoD)

Directed by Tiago Mesquita with a screenplay by Mark Morgan, Among the Shadows is a thriller which straddles the genres, elements of horror and the supernatural spliced in as required.  Although in production since 2015, with the shooting in London and Rome not completed until the next year, it wasn’t until 2018 when, at the European Film Market, held in conjunction with the Berlin International Film Festival, that Tombstone Distribution listed it, the distribution rights acquired by VMI, Momentum and Entertainment One, and VMI Worldwide.  In 2019, it was released progressively on DVD and video on demand (VoD), firstly in European markets, the UK release delayed until mid-2020.  In some markets, for reasons unknown, it was released with the title The Shadow Within.

Video on Demand (VoD) and streaming services are similar concepts in video content distribution but there are differences.  VoD is a system which permits users to view content at any time, these days mostly through a device connected to the internet across IP (Internet Protocol), the selection made from a catalog or library of available titles and despite some occasionally ambiguous messaging in the advertising, the content is held on centralized servers and users can choose directly to stream or download.  The VoD services is now often a sub-set of what a platform offers which includes content which may be rented, purchased or accessed through a subscription.

Streaming is a method of delivering media content in a continuous flow over IP and is very much the product of the fast connections of the twenty-first century.  Packets are transmitted in real-time which enables users to start watching or listening without waiting for an entire file (or file set) to download, the attraction actually being it obviates the need for local storage.  There’s obviously definitional and functional overlap and while VoD can involve streaming, not all streaming services are technically VoD and streaming can also be used for live events, real-time broadcasts, or continuous playback of media without specific on-demand access. By contrast, the core purpose of VoD is to provide access at any time and streaming is a delivery mechanism, VoD a broad concept and streaming a specific method of real-time delivery as suited to live events as stored content.

The Mercedes-Benz SSKL and the Demand Supercharger

The Mercedes-Benz SSKL was one of the last of the road cars which could win top-line grand prix races.  An evolution of the earlier S, SS and SSK, the SSKL (Super Sports Kurz (short) Leicht (light)) was notable for the extensive drilling of its chassis frame to the point where it was compared to Swiss cheese; reducing weight with no loss of strength.  The SSKs and SSKLs were famous also for the banshee howl from the engine when the supercharger was running; nothing like it would be heard until the wail of the BRM V16s twenty years later.  It was called a demand supercharger because, unlike some constantly-engaged forms of forced-induction, it ran only on-demand, in the upper gears, high in the rev-range, when the throttle was pushed wide-open.  Although it could safely be used for barely a minute at a time, when running, engine power jumped from 240-odd horsepower to over 300.  The number of SSKLs built has been debated and the factory's records are incomplete but most historians suggest it was either four or five, all completed (or modified from earlier builds) between 1929-1932.  The SSK had enjoyed success in competition but even in its heyday was in some ways antiquated and although powerful, was very heavy, thus the expedient of the chassis-drilling intended to make it competitive for another season.  Lighter (which didn't solve but at least to a degree ameliorated the high tyre wear) and easier to handle than the SSK (although the higher speed brought its own problems, notably in braking), the SSKL enjoyed a long Indian summer and even on tighter circuits where its bulk meant it could be out-manoeuvred, sometimes it still prevailed by virtue of sheer power.

Sometimes too it got lucky.  When the field assembled in 1931 for the Fünfter Großer Preis von Deutschland (fifth German Grand Prix) at the Nürburgring Nordschleife, even the factory acknowledged that at 1600 kg (3525 lb), the SSKLs, whatever their advantage in horsepower, stood little chance against the nimble Italian and French machines which weighed-in at literally less than half that.  However, on the day there was heavy rain and most of race was conducted on a soaked track and the lightweight, twitchy Alfa Romeos, Maseratis and the especially skittery Bugattis proved less suited to the slippery surface than the truck-like but stable SSKL, the lead built up in the rain enough to secure victory even though the margin narrowed as the track dried.  Time and the competition had definitely caught up by 1932 however and it was no longer possible further to lighten the chassis or increase power so the factory had aerodynamics specialist Baron Reinhard von Koenig-Fachsenfeld (1899-1992) design a streamlined body, the lines influenced by wartime aeronautical experience.  This coaxed from the SSKL, one last successful season.  Crafted in aluminum by Vetter in Cannstatt, it was mounted on Manfred von Brauchitsch's (1905-2003) race-car and proved its worth at the at the Avus race in May 1932; with drag reduced by a quarter, the top speed increased by over 12 mph (20 km/h) and the SSKL won its last major trophy on the unique circuit which rewarded straight-line speed like no other.  It was the last of the breed.  Subsequent grand prix cars would be pure racing machines with none of the compromises demanded for road-use.

Evolution of the front-engined Mercedes-Benz grand prix car, 1928-1954

1928 Mercedes-Benz SS



1929 Mercedes-Benz SSK



1931 Mercedes-Benz SSKL


1932 Mercedes-Benz-SSKL Streamliner





1934 Mercedes-Benz W25




1935 Mercedes-Benz W25B





1937 Mercedes-Benz W125





1938 Mercedes-Benz W154




1939 Mercedes-Benz W165

1954 Mercedes Benz W196R






1954 Mercedes-Benz W196R Streamliner

Thursday, August 19, 2021

Fiscal

Fiscal (pronounced fis-kuhl)

(1) Off or relating to the public treasury or revenues.

(2) In casual use, of or relating to financial matters in general.

(3) A prosecuting attorney in Scotland, a contraction of procurator fiscal.

(4) In philately, a revenue stamp (a postage or other stamp signifying payment of a tax

(5) In some countries, a public official having control of public revenue.

(6) In some civil law or common-civil hybrids (including Spain, Portugal, the Netherlands, and former colonies of these countries and certain British colonies), the solicitor or attorney-general

1560s: An English borrowing from the Middle French Fiscal, derived from the Classical Latin fiscus (public money) and fiscālis (of the state treasury).  The Latin is of unknown etymology and suggestions are speculative: a connection with findō (I cleave) or a link to the rhyme with rarer riscus, a likely Celtic borrowing into Latin and Ancient Greek.  Most convincing is fidēlia (earthen pot, sometime translated as a purse or basket made of twigs in which money was kept).  The general sense of "financial" entered US English in 1865 and was abstracted from phrases like fiscal calendar and fiscal year.

Fiscal Drag

Also known as bracket creep, fiscal drag is the tendency of revenue from taxation to rise as a share of GDP in a growing economy.  Tax allowances, progressive tax rates and the threshold above which a particular rate of tax applies usually remain constant or are changed only gradually.  By contrast, as an economy grows, income, spending and corporate profits should rise, the tax-take therefore increasing without any need for government action.  This helps slow the rate of increase in demand, reducing the pace of growth, making less likely higher inflation. Thus fiscal drag is an automatic stabilizer, as it acts naturally to keep demand stable.  Economists did much work to adjust their models to reflect the post-GFC economy in which, while aggregate growth continued, the gains have tended to be concentrated in the hands of the rich with the incomes of most falling or stagnating in real-terms.  The historically peculiar effect the COVID-19 pandemic seems to have exacerbated these trends in fiscal outcomes, the most interesting of which has been the behavior of inflation now the allocation of the money supply is so distorted.

Salvator Mundi (Savior of the World, circa 1507), attributed in whole or in part to Leonardo da Vinci (1452–1519) sold at auction in 2017 US$450.3 million.  A 1967 Ferrari 275 GTB/4 Spider (NART) by Scaglietti sold at auction in 2013 for US$27,500,000.  It may yet prove a bargain.  In 2018, a 1962 Ferrari 250 GTO sold for $US48.4 million, a handy increase on the previous auction record of US$38.1 million paid for a 1963 250 GTO a year earlier and an even more impressive jump from its US$7 million sale in 2000.  Setting the record for the most expensive car ever sold was a privately-traded 250 GTO which in 2018 brought US$70 million.

Although it’s misleading to compare inflationary numbers with those of the 1970s & 1980s because the math of the calculation is now so different (and some of the changes did make sense), there’s no doubt the novel phenomenon of low inflation in the low-end of the economy and high inflation in the more rarefied air, is a product of very unusual circumstances, a succession of jolts and shocks, from the Greenspan put of the early 2000s, through the GFC, to the pandemic.  For two decades, the jolts and shocks have been buffered by seemingly limitless free money, now able to be distributed in a way which avoids general inflationary pressures while simultaneously driving up asset prices in objects as diverse as old masters and vintage Ferraris.  Economists are divided, both on whether this model can indefinitely continue and whether it’s a good idea, either in concept or its current specifics although all seem to concur it shouldn’t suddenly be stopped.  It’s not just the US Federal Reserve’s discount window which has been wide-open, the quantitatively-eased largess has been popular with many central banks so when adjustments to policy are made, there will be consequences.

Fiscal Neutrality

Fiscal neutrality is a term to describe the net effect of taxation and public spending being neutral, neither stimulating nor dampening demand. The term can be used to describe the overall stance of fiscal policy: a balanced budget is neutral, as total tax revenue equals total public spending.  It can also refer more narrowly to the combined impact of new measures introduced in an annual budget: the budget can be fiscally neutral if any new taxes equal any new spending, even if the overall stance of the budget either boosts or slows demand.

Fiscal policy

A nation’s fiscal policy is one of the two instruments of macroeconomic policy, the other being monetary policy. It comprises public spending and taxation, and any other government income or assistance to the private sector (such as tax breaks). It can be used to influence the level of demand in the economy, historically with the twin goals of maintaining low unemployment without triggering excessive inflation.  It can be deployed to manage short-term demand through fine tuning, although, since the beginning of the neo-liberal era in the 1980s, it has more often been targeted on long-term goals, with monetary policy preferred for shorter-term adjustments.  Disputes do exist, among both economists and politicians.  Some argue for a balanced budget as a structural end in itself while others suggest persistent deficits (public spending exceeding revenue) are acceptable provided, the deficit is used for investment in infrastructure or something useful rather than consumption.  However, even most deficit hawks concede fiscal policy should be counter-cyclical, aiming to automatically stabilize demand by increasing public spending relative to revenue when the economy is struggling and increasing taxes relative to spending towards the top of the cycle.

Tuesday, November 14, 2023

Magnum

Magnum (pronounced mag-nuhm)

(1) A large wine bottle having a capacity of two ordinary bottles or 1.5 liters (1.6 quarts).

(2) In ballistics, a magnum cartridge or firearm (a loaded with a larger charge than other cartridges of the same calibre).

(3) A firearm using such a cartridge.

(4) Used generally, unusually great in power or size:

1788:  From the Latin magnum (“great, large, big" (of size), "great, considerable" (of value), "strong, powerful" (of force); of persons, "elder, aged"), neuter of magnus (large), from a suffixed form of the primitive Indo-European root meg- (great).  The original use in English was to describe the large wine-bottle, then usually containing two quarts.  As the name of a powerful type of handgun, it was first registered in 1935 by the US company, Smith & Wesson of Springfield, Massachusetts.  Outside of ballistics, the most common use is now probably “magnum opus" (masterpiece, a person's greatest work, literally "great work", applied, in literature, music, art and (sometime a little liberally) popular culture.  The noun plural is magnums or magna.

Magnum ammunition

Lindsay Lohan in habit with Smith & Wesson .500 Magnum, Machete (2010).

Released in September 2010 at the Venice Film Festival and distributed internationally by Sony Pictures, Machete would probably be more highly regarded if the full-length feature had lived up to the promise created by the artfully-edited trailer.  Probably about twenty minutes too long, the critical consensus suggests Machete was a violent, shallow, repetitive and probably unnecessary addition to whatever was the sub-genre of exploitation it inhabited.  That said, the production values were thought high enough for those who like this sort of thing to be able to look forward to it as one of the more enjoyable movies of the summer of 2010.

Smith & Wesson .357 Magnum.

A magnum cartridge is one with a larger case size than the standard cartridge of the same calibre and case shoulder shape.  The now generic term is derived from Smith & Wesson’s Original .357 S&W Magnum, introduced in 1934; magnum ammunition containing either or both additional propellant or a heavier projectile but the term is a bit of an anomaly in the business of ballistics.  Although in the terminology of firearms, most jargon is explicitly defined, “magnum ammunition” has no precise codified set of standards, instead being just an indication of the possession of more powerful characteristics than other loads of the same calibre and shape.

Smith & Wesson .500 Magnum.

Smith & Wesson’s original .357 Magnum was introduced in 1934 in response to the growing availability of bullet-proofing technology in both automobiles and the ballistics vests used for personal protection.  It was an attempt to provide greater penetrative power without the need to increase the bore with the consequential increase in the size and weight of weapons.  Predictably though, the arms race had begun, and in the decades which followed, magnum loads would become available for a wide range of calibres, hand guns and long arms as well as shotguns, the classic .44 Magnum, later made famous in popular culture, released in 1954.  It didn’t stop there, increasing demand for the .44 convincing Smith & Wesson to develop the .500 Magnum, currently the most powerful handgun load generally available and one marketed, in addition to its other attractions, to those who might find it more convenient than a rifle for hunting big game.  The size, weight and recoil however mean it’s not suitable for all and in the US, .500 is anyway the legal limit for handgun loads.  In US law, it’s a rare restriction.

.460 Weatherby Magnum.

For that reason, even Smith and Wesson do recommend that unless one plans to hunt elephant at close range or expect to confront a charging wild boar, loads like the .357 Magnum are better for what most people do most of the time.  The same caution applies to the Magnum loads for rifles, the .375 Magnum often nominated by experts as the perfect compromise for all but the most extreme applications.  Indeed, it was loads like the .375 Magnum which eliminated most of the need for the famous old-style “elephant guns” like Holland & Holland’s .600 Nitro and the .458 and .460 Magnum cartridges of the 1950s were necessitated only by regulations governing big-game hunting in Africa mandating a load above .400.  Despite that, demand for the heavy calibres remains strong, Holland and Holland, after introducing a canon-like .700 Nitro found demand so unexpectedly strong that they resumed production of the long retired .600.  While it seems unlikely heavier loads will be thought practical, that may not matter, there being some evidence many of the .700 Nitros are sold to collectors, never to be fired.

That said, Austria’s Pfeifer firearms created supply to meet what demand there may be.  The Pfeifer .600 Nitro Express Zeliska single-action revolver weighs over 13 lb (4.85 kg) and is  22 inches (.56 m) in length, the cylinder section alone weighing 4.5 lb (17 kg).  Although generating a muzzle energy of 7,591 foot pounds (33.7 kn), paradoxically, the weight of the gun actually limits the recoil, making controlled shooting possible although, practice is essential.  With a cylinder capacity of either five .600 Nitro or .458 Winchester Magnum rounds, it's able to fire a 900 grain, .600 some 2000 feet (600+ m).  At release, Zeliska listed the revolver at US$17,316 and because each .600 Nitro Express round costs about US$45, it’s an expensive hobby.

The Magnum Concilium

Dating from Norman times, the Magnum Concilium (Great Council) was an English assembly eventually composed of senior ecclesiastics, noblemen and representatives of the counties of England and Wales (and later of the boroughs too) which was from time-to-time convened to discuss matter of state with the king and his advisors (sitting as the Curia Regis (King's Court; a kind of predecessor to the Privy Council and later the cabinet).  The Magnum Concilium evolved into the Concilium Regis in Parliamento (the parliament of England), the first generally thought to be the so-called "Model Parliament" of 1295, which included archbishops, bishops, abbots, earls, barons, and representatives of the shires and boroughs.  The evolution wasn’t linear, power in the land a constant struggle between king and parliament, the authority of both fluctuating as the politics of the day effed and flowed.  Nor was the parliament a united force, shrewd kings knowing how to exploit divisions between the parliamentary factions but by the reign of Edward II (1284-1327; as Edward of Caernarfon, King of England 1307-1327), the nobility was ascendant, the Crown compliant and the rest essentially irrelevant.

Execution Of Charles I, 1649 (circa 1850) by an unknown artist.

Under Edward III (1312–1377; as Edward of Windsor, King of England 1327-1377), the modern bicameral structure (a House of Commons & a House of Lords), became clear and the authority of Parliament grew although the Lords remained by far the most powerful because that was where the economic resources were concentrated.  That reality was reflected by the practice, under the Plantagenet kings, of the summoning of the Magnum Concilium being something exclusively ecclesiastical & aristocratic, the representatives of the commons rarely in attendance.  After Henry VII (1457–1509; King of England 1485-1509) convened the Magnum Concilium on several occasions in the late 1400s, for various reasons, its participation in the governance of England went into abeyance until, in 1640, Charles I was advised to summon the Magnum Concilium after he’d dissolved the Short Parliament in order to raise money because his misrule and wars of adventure had bankrupted the state.  The king got his money but his private army was soon at war with the parliamentary forces of both Scotland and England and those wars did not for him go well.  Before the decade was over, he would be beheaded.

The Magnum Concilium has not since met but experts in English constitutional law have confirmed it still exists and can, at any time, be summoned by the Crown.

Chrysler’s 440 Magnum Six-Pack

383 Magnum V8 with cross-ram induction in in 1960 Dodge Dart Phoenix D-500.

Chrysler’s family of big-block wedge V8s lasted from 1958 until 1978 but, although the label is often commonly applied, not all were designated “Magnum”.  The first Magnum was a high-performance version of the B-series 383 cubic inch (6.3 litre) V8 (which differs from the later RB 383), the highlight being the option of a (long) cross-ram inlet manifold with two four-barrel carburetors.  It was only Dodge which used the Magnum label; the equivalent power-plant in a Plymouth was called a Commando (there were adjectives sometimes added) and in a Chrysler, a TNT.

1970 Dodge 440 Magnum Six-Pack.

Introduced in 1969, the highest evolution of the RB Magnum were the 440 cubic inch (7.2 litre) versions built with three Holley 2300 series two-barrel carburetors instead of the more commonly seen single carburetor induction (which were on the 440 almost exclusively in four-barrel form).  The early versions used an Edelbrock manifold cast in aluminum but supply difficulties forced Chrysler also to cast their own in cast-iron to meet demand.  Although obviously a high-performance variation, marketed by Dodge as the 440 Magnum Six-Pack, the engine was engineered to use only the centre 250 cubic feet per minute (7 m3) carburetor under normal throttle loads, the outer two 370 cfm (10.4 m3) units used only if summoned.  If one could resist the temptation of the sudden onrush of power, the Magnum Six-Pack could be quite economical by the admittedly slight standards of the time.

440 Magnum Six-Pack in 1970 Dodge Challenger.

Internally, the Six-Pack Magnums differed from the single carburetor engines in the use of stiffer valve springs borrowed from the 426 Street Hemi, stronger rocker arms (strengthened connecting rods were added in 1970), molybdenum-filled piston rings and flash chromed valves.  Better to cope with the additional stresses imposed by those high-tension springs, the camshaft lobes and lifter faces were blueprinted to equalise the loads, the lifters rotating to distribute wear equally across the surfaces subject to friction.  With its compression ratio upped from 10.1:1 to 10.5:1, upon release, the Magnum Six-Pack was rated at 390 bhp (290 kw), dropping slightly to 385 (287) when some minor anti-emission adjustments were made in 1971.  At around half the price of Chrysler’s much-vaunted Street-Hemi adaptation of the race engine, the Magnum Six-Pack was a bargain, at least matching the Hemi in most aspects of performance until speeds above 120 mph (190 km/h) were attained, along with a longer manufacturer’s warranty and lower insurance costs, at least for some.  It was good while it lasted but 1971 was the swansong for both the Magnum Six-Pack and the Street-Hemi, emission regulations and an astonishing increase in the cost of insuring the things crushing demand.

1972 Jensen FF Series III.

Across the Atlantic however, the Six-Pack Magnum did enjoy a brief afterlife after being driven extinct in the US.  Jensen, in the throes of phasing out their acclaimed but unprofitable all-wheel-drive FF, were looking for a flagship which could be created quickly and cheaply, ruling out the mooted convertible which wouldn’t appear for some years.  With their planned new F-Type unlikely to be on sale before 1973, the need was for something which demanded neither much development time nor an onerous budget.

The much admired louvers on 1972 Jensen SP.

Jensen had for years been building their Interceptor & FF models with the Chrysler RB engines and had even flirted with the idea of doing a run with the Street Hemi, a project aborted when the costs of adaptation became apparent.  In late 1970, Jensen’s need for something was communicated to Chrysler which, by happy coincidence, had a batch of Magnum Six-Pack engines which had been gathering dust in a Canadian warehouse since being effectively orphaned by the new US emission control legislation.  Within days, agreement was reached, Jensen taking delivery of the first tranche of the batch which, although unable to be sold in the US, were legal just about everywhere else.  The mechanical specification settled, discussions then turned to other features which could be included to enhance the car’s status as a premium product.  Because it was the 1970s (and there's really no other excuse), without much discussion, it was agreed to glue on a vinyl roof; that many others did the same thing is no defense.  More defensible was the inclusion of a high-quality and very expensive Learjet eight-track cartridge stereo system and, to provide some continuity with the FF, it was decided to use that model’s blue-themed badges rather than the red used on the Interceptor.  Also, interestingly, it was during these initial discussions that a fully louvered hood (bonnet) would be included in the coachwork but there’s no indication there was any concern about additional engine-bay heat, the louvers apparently just a styling device to evoke memories of earlier eras when they were common on high-performance machinery.  There was little debate about the name; several people had suggested SP was the obvious choice.  In December 1970, the first prototype SP was built although the intricacies of the triple carburetor engine weren’t entirely new to Jensen’s engineers, having a few months earlier fitted one to an Interceptor to fulfil a customer request.  Assessment of the prototype proved the adaptation was as straight-forward as expected, the minor issue of the additional clearance demanded by the big air-filter effected by a quick fix to the filter housing.

1971 Jensen SP at the Geneva Motor Show, March 1972.  Just fifteen were built in left-hand drive configuration because the SP engine couldn't meet the new US emission standards, thereby precluding sales in the market most receptive to thirsty machines.

Scheduled for release in the northern autumn of 1971, Jensen’s original plan had been to announce the SP as part of their new range including the Mark III versions of both the Interceptor and FF but the realities of the future made apparent the mixed-messaging was a bad idea.  The SP was intended to be the new top-of-the line model so announcing it with an updated version of the doomed yet still more expensive FF made little sense, the Mark III FF created only as a way to ensure the last fifteen FF body-shells (the all-wheel drive configuration necessitated a longer wheelbase) could be utilised.  Almost all FF marketing was thus terminated and the emphasis switched to the new two-model range with the SP sitting atop which meant the Mark III FF, which would become one of the Jensens most prized by collectors, went at the time almost unnoticed.

1972 Monteverdi 375/4.

Beginning its tour of the motor show circuit, the new flagship was greeted with subdued interest by the motoring press which viewed the SP as the hot rod Interceptor it was and which, while entertaining in a occasionally brutish (and rather un-Jensen like) sort of way, was not as intriguing as the soon-to-be lamented FF, the prowess of which had so astonished all who drove it, exploring for the first time the revolutionary possibilities of anti-lock braking and all-wheel-drive.  Nevertheless, the performance did impress, a top-speed of 143 mph (230 km/h) being reported although it was noted that Monteverdi’s even bigger and heavier 375/4 limousine had been clocked just a little faster and it used the 440 with only a single four barrel carburetor.  Still it was fast enough and nobody complained the SP lacked pace.

Jensen SP press release, 5 October 1971.

What did elicit complaint was the manner in which that speed sometimes arrived.  The tremendous delivery of power at full-throttle was praised but the lack of predictable response lower in the rev-range attracted criticism, the additional carburetors kicking in sometimes unexpectedly and not always when the car was heading in a straight line.  Issues with hot-starting were also apparent and even the otherwise much admired multi-louvered bonnet was found not the be without fault, the slats apparently changing either the properties of the metal or the reaction of the shape to the fluid dynamics of air-flow; at speed, the bonnet would “slightly shiver, almost as though improperly fastened” and testers, used to the cocoon-like stability of the Interceptor and FF, found it disconcerting.  While none of the reviews were damning, nor were they much more than polite.

1972 Jensen SP engine bay.

Worse was to come as customers started reporting problems, the first being the issue of under-bonnet heat.  Although a big machine by European standards, the engine bay of the Jensen was smaller than anything to which it’d been fitted in the US and, even with the louvers helping to ventilate the space, it got very hot in there and this quickly affected the carburetors which had never before been exposed to such extremes; parts warping as the metal heated and then cooled, causing air-gaps to emerge, making accurate tuning, vital with multiple-carburetion, impossible.  The factory was soon receiving reports of engines which refused to idle and, due to the inherent nature of the Holly 2300 carburetor design, engines would run too rich after a week or so of nothing more than normal driving.

1963 Jensen CV8.

For a small company like Jensen, it was a major setback.  The company had built the Interceptor's reputation on reliability and ease of ownership essentially by piggy-backing on the back of the bullet proof Chrysler V8s and TorqueFlite transmissions it had begun using in the Interceptor's predecessor, the CV8.  The approach, adopted by many in this era, appealed to buyers not sufficiently seduced by the bespoke charm and mechanical intricacies of the continental competition to wish to deal with the cost and inconvenience of the more demanding maintenance schedules listed by Ferrari, Lamborghini & Maserati.  Like the MGA Twin-Cam (and for that matter the later Jensen-Healey), the SP was a classic case of insufficient product development and testing, examples of which littered the post-war UK industry.  Perhaps there was complacency because (1) multiple carburetors were nothing new to British manufacturers and (2) the Six-Pack Magnum had a good record of reliability in the US.  However, three Hollys on a big-block Chrysler turned out to behave differently to three big SUs on a Jaguar XK-six.                  

1970 Dodge Super Bee 440 Magnum Six-Pack with typical girlfriend of typical buyer.

The occasional quirk of the Magnum Six-Pack was not unknown in the US but there the nature of the thing was well-understood; it was a hot-rod engine bought by those who wanted such things, most owners young, male, mechanically adept and often anxious to tinker under the hood (bonnet).  The Jensen buyer was a wholly different demographic, mostly older, affluent men who either had rarely seen under a bonnet or hadn’t looked for many years and their expectations of a car which was twice as expensive as Jaguar’s V12 E-Type were very different to those youthful Californian baby boomers had of their hotted-up taxi cabs.  Used to the effortless, if thirsty, behavior of the Interceptor, some found their SPs, the high-performance of which most could rarely explore, were behaving like brand new, very expensive old clunkers.

Jensen FF with typical mistress of typical buyer.

Weeks of testing and experiments with all sorts of adjustments proved pointless.  In Jensen’s workshops it was always possible to produce a perfectly running SP but, after sometimes as little as a week in the hands of owner, it would be back, displaying the same symptoms and in the end, Jensen admitted defeat and offered the only solution guaranteed to work: remove the triple induction system and replace it with the Interceptor’s faithful Carter Thermoquad four barrel carburetor.  That alleviated all the drivability issues but did mean that having paid their £6,976.87, a premium of a thousand-odd pounds over the anyway expensive Interceptor, the emasculated SP became an Interceptor with a vinyl roof, an eight-track cartridge player and a vibrating bonnet.  The factory’s records suggest between a quarter and a third of buyers opted for the Theromquad fix and some refunds were paid to the especially unhappy.

Last gasp: 1974 Jensen Interceptor convertible.

Although Jensen had known, because the Magnum Six-Pack was out of production, the SP was not going to have a long life, it had been hoped it would fulfil its role until the new F-Type was expected to be released in 1973.  However, having built 208 SPs, Jensen didn’t take up their option on what remained in Chrysler’s Canadian remainder bin and, once the stock already delivered was exhausted, the SP was allowed quietly to die.  Between September 1971 and July 1973, 231 Jensen SPs were completed with one final example built in October, a special order from someone who really wanted one.

1972 Jensen-Healey publicity shot.

It was the start of a run of bad luck that would doom also the Interceptor and the entire company: (1) Development issues would beset the F-Type which would never see the light of day, (2) the Jensen-Healey (1972-1976) sports car which had seemed so promising turned into an expensive flop and (3) the first oil shock in 1973 rendered the Interceptor and many of its ilk suddenly big, thirsty dinosaurs and not even the release in 1974 of a much-admired convertible version could rescue things.  Bankruptcy loomed and by 1976 the end came.  However, in the way flawed but charismatic English cars have often, decades on, enjoyed second acts, the SPs are now much prized and there’s a small industry devoted to restoring them to their six-barreled glory, modern materials and techniques of insulation & cooling now able to transform them into something as well-behaved as any Interceptor.

The magnum’s place in the hierarchy of Champagne bottles.

Lindsay Lohan with Magnum backdrop.