Richard Lanham, in his book The Economics of Attention, sheds light on a very concerning problem in today’s modern society: over-indulging consumerism. Lanham explains how our culture is on that revolves around materialism. Today’s society is all about the brand. Brands are the most important possession. The brand has gained even more importance than the product itself.
Sure, they want to know what their object is worth, but quite as much they want information about it. How old is it? Where does it come from? Who made it? And, more rarefied yet, What about its style? It is by style that most of the expert identifications are made anyway. The hunger for stuff is paralleled by a hunger for style. Modern “materialism” turns out to be an intellectualized, spiritualized affair.
-Richard Lanham
The economy is full of information of what is worthy. With this information comes glut. Today’s economists seem to be more in tuned with the reverse dynamic of traditional economists (the scarcity and distribution of goods).
This is a very true idea in today’s culture. It is so important to people to have the latest clothes or the hottest iPhone. There is not even much need for function, as long as it has the right brand name. It is absurd but a reality in our society. Brands are icons and can be a label not only on the product, but of its owner. It’s a statement. It’s necessary to some. Materialism is beginning to take over our society and culture, one brand name at a time.