> In fact, Huang compares this to political campaigns in democratic countries. Political ads rarely contain new information. They almost never change anyone’s m

> In fact, Huang compares this to political campaigns in democratic countries. Political ads rarely contain new information. They almost never change anyone’s mind. The function of political ads, though, isn’t to persuade. It’s to “burn money” in a public way. They are costly signals of the political campaign’s willingness to expend resources which shows their commitment. This is hogwash. Ads may exist for reasons other than persuasion (though I have no doubt they are almost entirely for persuasion). But in no way do they largely exist for signaling.