What does value mean for you?

Human- centered design thinking makes sense, as the human (your target population) should be at the center of the social innovation that is being designed for them. "The Importance of Frugal Engineering" and IDEO's "Human Centered Design Toolkit" both point out the need for a deep understanding of how people live and will ultimately use a product for the design- process to be successful. Obviously people living in different parts of the world from different economic and social backgrounds have different routines, preferences, and needs. But as a consumer, don't we all benefit from "frugal engineering"? I certainly want products that were designed to maximize customer value while they minimize nonessential costs. This isn't just the desire of the "bottom of the pyramid", but of all consumers. Why isn't frugal engineering more popular among the middle and top of the pyramid as well? Perhaps the tenets and products of frugal engineering will capture the hearts of consumers in developed economies as well. Or is value perceived in a fundamentally different way between the "developing" and the "developed" consumer? Is a radio (or an IPOD dock rather) worth more to the relatively- affluent consumer than extra storage space, thereby affecting each party's value calculations? Finally, is a company like Tata really engaged in social innovation when it designs the Nano? I think the product is certainly socially innovative and fits our class definition of social innovation, but Tata's main motivation is to create a product that's profitable. Is frugal engineering about social innovation, or is it just a necessary step in doing business in the developing world?