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I love this concept. This perfectly describes the state of pretty much all consumer markets today, and one of the biggest pitfalls of free-market capitalism. Al
by strbean 7y ago
I love this concept. This perfectly describes the state of pretty much all consumer markets today, and one of the biggest pitfalls of free-market capitalism. Also, it feeds in to my always-shouted-down argument that advertising/marketing is generally a counter-productive economic broken window (not counter-productive for a given business, but counter-productive as a whole).
- b0rsuk 7y agoI wish I could PM this to you because it's third time I post the link: https://news.ycombinator.com/item?id=20577142 https://news.ycombinator.com/item?id=20577142 Advertising is cancer on society. Very thoughtful points.
- strbean 7y agoAdded to my reading list, thanks!
- blaser-waffle 7y agoInformation Asymmetry is the more generic term for this situation. One person has the info, and the other doesn't -- and can benefit from keeping it that way, e.g. insider stock trading, estate sales, even garage sales where you know what their old junk is really worth. https://en.wikipedia.org/wiki/Information_asymmetry https://en.wikipedia.org/wiki/Information_asymmetry