Economists have this efficiency fetish, they love turning things into commodities. And I hate commodities. So, commodities actually totally inhibit innovation. They destroy brands, and they also destroy trust. Once something is certified, what incentive do I have to produce better? Or indeed, beyond meat? If we're all buying certified beef, economists love that because it looks so gloriously efficient. But the consumer interests are being lost as a result of those economies of scale.
Author and Advertising Executive Rory Sutherland of Ogilvy talks about his book Alchemy with EconTalk host Russ Roberts. Sutherland makes the case for the magic (yes, magic!) of advertising and branding in helping markets work well. This is a wide-ranging conversation on consumer choice, public policy, travel, real estate, and corporate decision-making using insights from behavioral economics and decades of experience in the world of advertising.