The Importance of Reputation in Wedding Planning

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"No one remembers the color of the napkins, and the amount that people agonize over these decisions always depress us," she says. "I can't help but mention that when somebody tells me they're getting married, I always say, remember that no one remembers the colour of the napkin." A middleman's ability to create a brand name around something that doesn't normally have a brand name or that's hard to establish is an underappreciated value.

Why would anyone want to hire a middleman, like a wedding planner, especially if you have time to take care of the planning yourself? Marina Krakovsky, author of The Middleman Economy talks with EconTalk host Russ Roberts about middlemen in the modern economy. Despite predictions that the internet would destroy the need for middlemen, Krakovsky argues they're more valuable than ever though their roles have changed. Krakovsky looks at the different roles middlemen play today and how their value added can justify their existence.