Two nobel prize winners think the Kardashians sum up everything wrong in world markets

‘And you don't think this creates value? Really, who is being harmed? You feel better about yourself, that's utility. They are selling you the story.’

I can't agree more with the interviewer here, although I do definitely believe that there is truth in what the writers are saying, many times it comes down to ''Selling you the story'' Think about it, in today’s business marketing becomes almost more important than the product itself. Now I’m not talking about marketing that stimulates impulsive purchases such as candy bars or marketing that promotes products who’s negative aspects customers don’t quite understand such as gambling ( This is what the book probably mainly refers to). But rather about the marketing that creates perceived value. Take , for instance, Coca-Cola the mother and teacher of all brands when it comes to creating ‘’fake value’’. Coca-Cola has been messing with our brains for generations and what they do is, they do everything in their power to make Coca-Cola look like the best possible drink on this planet. When one thinks of Coca-Cola he sees quality, recognition and superiority. Thus, is willing to pay more than the product would be worth when only looking at the base resources used to produce it. I’ve often thought that marketing is the thing that makes basic economics (capitalism) totally obsolete. As there is actually no effective flow of resources anymore.. but then I came to mind and realized that they are just ‘’selling us the story’’ and we like it! We are basically paying extra $$ for products, just to be told that they bring more value than they really do, resulting in imaginary, but yet real utility.

I totally agree. But, do you know exactly with how much percent each burger increases the chances of diabetes, heart failure and intestinal cancer? Same thing goes for gambling, whenever you visit the casino do you know the exact odds of leaving with 100% profit? Well, most of us don't, as a matter of fact most of us probably think it's around 49%. And we also don't take in consideration the fact that it's highly addictive. Casino's advertise casual play, but for most people this is not possible even though they believed it was. Thus, life’s ruined.

The whole point of this book is that a self-interested system exploits whatever is exploitable, which in some industries results in negative effects on societies well-being. Simply because, the full cost benefit analyses hasn’t or couldn’t be considered when purchased. around 49%. And we also don't take in consideration the fact that it's highly addictive. Casino's marketeer casual play, but for most people this is not possible even though they believed it was. Thus, lifes ruined.

The whole point of this book is that a self interested system exploids whatever is exploidable, which is defenitely the truth.

/r/Economics Thread Parent Link - independent.co.uk