Hacker News Reader

If advertising is an arms race with more total cost than total benefit, that would be an argument that advertising works. Because anyone, at any given time, will benefit from running advertising.

It also means advertising is a net loss to society, but that is separate from the question 'does advertising work'

> net loss to society

Not so clear, especially before internet search engines existed. As a consumer, I find it useful to know what's available for me to purchase.

I think you rephrased my comment, yes.

So advertising works? If it didn't, those buying ads would not take the pepsi market share

If you're running a company, "just stop being in a prisoner's dilemma" is not one of your options.