Economix by Michael Goodwin

Author:Michael Goodwin
Language: eng
Format: epub
Publisher: Abrams ComicArts

THE ERA OF LIMITS (1966–1980)

THE EMBARRASSMENT OF RICHES: Galbraith

In The Affluent Society (1958), the economist John Kenneth Galbraith pointed out

that nobody would bother with expensive ads just to sell us what we already wanted.

Relentless advertising makes sense only for things

we need to be persuaded to want.

So instead of seeing the economy

entirely like this...

Widget

Works

We

want

some-

thing.

Business

makes it.

We buy it

and are

satisfied.

This

is a sensible use

of society’s

resources.

Galbraith saw parts of it like this :

Widget

Works

We

start

out

satisfied.

Business

makes some-

thing .

and

advertises

it.

We want it,

buy it, and

are satisfied

(for now).

This,

not so much.

Satisfying people’s

wants is good!

171

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