The Age of Advertising Must Come to an End
antoniomelonio.substack.com
antoniomelonio.substack.com
Just occasionally (considerably less than once a year) I get exposed to TV (which I was not raised with). It’s awful. How does anyone ever willingly subject themselves to it? I detest televisions. They’re far too effective at stealing your attention, distracting you, et cetera, and their ads are regularly just sickening from the rapidity of transitions and visual stimuli.
Fairly regularly I go down to Melbourne (where I grew up), mostly by public transport but sometimes driving. Ugh. So many billboards, so many things trying to steal your attention (and designed to steal your attention), so many such things even actively causing safety hazards while driving (especially at night). A lot of current billboard practices should be made illegal as part of road safety laws, quite apart from anything else. Almost all of these practices, I will add, have come about in in the last ten years, mostly even in the 5½ years since I left Melbourne.
Things have objectively been getting much worse (e.g. ads inside and outside trains; and digitally-cycling ads are almost ubiquitous instead of rare, and animated ads are common rather than unknown), but I imagine there’s also a good chunk of me becoming more intolerant of these things due to no longer being acclimated to them.
I don’t like being in Melbourne very much. Escaping ads and distractingly-dynamic or too-bright digital screens everywhere wasn’t (directly) one of the reasons I left, but it certainly is now.
Then I realize the car I’m in has been stripped of all advertising. No bright colors and sexy women and pithy slogans pulling at my attention.
Bliss.
on my computer trains they're adding OLED video ad screens
at eyelevel, with constant movement
I sell tours to interesting places. I sell them using advertising. How is that a problem?
Let’s say someone decides to open a hair salon. How does that person promote their business if not through advertising? Or is the author wanting to ban people from opening businesses?
This is a classic case of placing a binary solution on a problem of degrees.
Some advertising has harmful practises, some advertising is too much in some places. This is uncontroversial.
Where the author has erred is in his simple black and white diagnosis.
> Of course, capitalists will strongly oppose all of this. They will argue that advertisements serve a clear and valuable purpose: they inform us about products, assist us in deciding what to buy, and thus increase market efficiency by promoting the sale of quality products and preventing inferior ones from capturing the market. This claim is, of course, nonsense.
As I’ve said above; he’s applying a black and white argument to a problem of degrees.
It’s just like Goldilocks - the food can be too hot, the food can be too cold, it can also be just right. The point of these children fables is to teach us basic principles of how the world works and to encourage us to use them to recognise our own mistakes.
I (personally) think the problem isn't so much in the ads themselves since they're obviously useful when you're actively looking for something, it's that they're shoved in your face at every opportunity possible. And sometimes even in some impossible ones too. Given how we're bombarded with it online it may make sense to curb how much it's allowed in public spaces in real life to give people at least some breathing room.
The problem is a problem of degrees. How much is too much?
And most especially in terms of outdoor advertising, this is where the topic is especially pertinent - because someone can’t consent to this.
Whereas on the internet people can, and do.
Think of smartphones and the rate at which "new" phones come out. The industry is based on a year by year renewal rate which is completely environmentally unsustainable and in order to sustain this speed they need big, bold advertisement. It's not at all about telling people how to differentiate between products and which products are better than the competition which in many cases it's their own smartphone from the previous year. I mean, how long has it been since we've really required our phones to be "2 times as fast as the year before", I had a pixel 5 and a pixel 7 and there's honestly very little difference whatsoever between them. But of course, there were a lot of bells and whistles for the new AI and so on that I really barely get any use out of.
Not only that, but a lot of modern improvements are software improvements that come packaged in "new" hardware. That's a ridiculous thing, I'm not saying software is not important but we don't need new hardware to benefit from it in most cases. But hey, it's much more lucrative to sell a brand new 1000 dollar phone with a 30% margin than try to get people to pay 300 dollars for new software. We value hardware but hardware is not progressing as substantially as software is, at least in areas that truly have an impact on our lives. So they need to make things a bit prettier and that's where advertisement comes in.
But is this a healthy cycle for us, is it environmentally sustainable to produce at this rate? I think the answer is no, and so you need to wonder: "then what should we do about it?". The power of advertisement that uses all the techniques of political propaganda that can get people to do insane things is a very powerful tool that we need to use more carefully, if at all.
You do ask a good question though, how do people find out about new businesses? And I believe the answer is much more systemically complex, it's something we ought to figure out and try and so on, but the first thing is to always acknowledge that there is a problem to begin with. We need a way for high quality products and new products to reach people, how do we do this in a way that's fair? Advertisement, by the way, is not really doing that. Because big companies have much more money to spend on advertisement than new companies they are much more capable of pushing inferior products to the market and still retain and gain customers based solely on their advertisement.
Imo, now a days, innovative products and high value proposition products pretty much sell themselves, as word of mouth has unparalleled power. But big companies are hijacking this process, sending free products to reviewers, flying people all over the world to "show their new innovations" and so on so that it looks like their products are the hottest stuff. Social media could be used to get genuine reviews out there but most of the time, it's flooded with paid (in one way or another) advertisement, in my experience, the best reviews out there tend to not be as visible as big names pushing big tech products. And in any case, innovation has become so expensive that it's pretty much only accessible by big tech so I think this issue of also touches on other topics like: how should we be doing innovation? This are nation-state level problems.
I've never gone to a salon because of an ad. As a matter of fact, I avoid businesses that advertise at me. I have a list of the worst offenders - if I see too many ads from the same business in a period of time, it's obvious that they're spending not on the product but on promotion, and I enact a personal boycott. this policy has served me well, I don't own a lot of garbage.
Which is advertising
>that people recommend them
Which is advertising
>I've never gone to a salon because of an ad.
How have you found salons then? If they never did any advertising it would be impossible to find them.
And if all advertising is prohibited; then it becomes quite literally 100% about who has the best geographic location which is the most naked form of capitalism I can imagine.
I use advertising in this context to mean: paid signage (physical, digital, mailed, etc) where the business pays a fee with the explicit and unary intent to drive business.
Listings, whether in a maps app or a phone book, do not qualify (most times - paying for preferential treatment in these places is a travesty deleterious to the integrity of the source - and why Google sucks now).
I've found salons by seeking them out on my own - in places they did not pay for preferential treatment - because that spend is either
a) detracting from spending that would make the business and service actually better
and/or
b) covering for a shortcoming in said business / service
If you're using the term advertising to mean other things, then we are speaking two different languages, or perhaps I'm simply not using the most correct term, for which I apologize.
hope that clears things up.
Your theories and methods do make some sense, but a business that spends a lot of money on advertising doesn’t need to be inadequate per se.
I’ve been Marketing Lead for 2 startups and have now started 3 companies.
4 of the 5 have grown through advertising.
In all 4 cases, the market wasn’t even aware that a solution like ours existed. (You can’t search for something you don’t know about.)
I doubt you would argue that advertising these products is some kind of systematic failure.
Second; let’s come back to the hair salon example. Let’s just say it’s brand new.
I doubt you’d argue that a brand new salon is making its product suffer by advertising. After all, it is suffering right now because it has zero customers.
And let’s take a third example - where word of mouth is unavailable. There are many products and services where word of mouth is simply not available as a marketing channel. This is common in B2B where the people picking a service just have no one in their networks who would be interested.
I doubt you’d begrudge them the need to advertise?
Yet a huge amount of marketing spend falls into these three buckets.
I should also add that your out of the way hair salon would never have been able to start without the assistance of advertising. You’d have to be insane to start a business in a low traffic area if you’re prohibited from promoting it.
I'll admit to being a little overzealous in my frustration with the advertising industry - this is because of the absolute bombardment we experience (and something that, I would think, folks like yourself would prefer to combat - as it reduces the efficacy of good advertising). Here, I mean things like relentless coupon mailers, blanket campaigns like those run by fast food chains and insurance agencies (where it becomes impossible to avoid their brand). That kinda stuff.
As for word of mouth being unavailable - well, I think we might have different ideas about the proper 'velocity' of a product. I think we move too fast in general, and it opens up a whole slew of externalities. Not in every case, but in most.
I'm not against ALL advertising, but I think we've gotten to a point where controls need to be put in place. Not just to protect delicate, wilting flowers like myself from the cesspit of aggressive marketing that is the norm, but also to protect the integrity of 'good' advertising - it's gotten to the point where I use advertising as a metric of bad business, and accept that I'm losing the marginal benefit of being informed about stuff like you're talking about in the name of not spending an inordinate amount of time trying to separate the wheat from the chaff.
It's actually a lot less work to do the research I do, because it's focused, and it would be a ton of work to:
- buy a thing because it was advertised a bunch
- realize I made a bad bet and now own a piece of crap
- NOW do the research
- deal with getting rid of the junk
- buy that thing twice
edit: formatting
* Spy on and and profile people, (mostly unawares) and push ads by finding their "buttons"
* Create (mostly false) desires across segments of society and use every surface to influence
* Push (more or less) objective catalogs for people to select what they need
* Dont push anything, simply give people tools to pull the objective facts
I think the more psychologically healthy and environmentally sustainable societies will gradually gravitate away from the worst forms of advertising
It’s happening more or less organically, what you’ve described. Users are spending more time in Messenger as opposed to the news feed.
Messenger groups are very hard to reach using ads.
HN has a default assumption sometimes that people enjoy spending hours looking at specs and trying to figure things out. My experience is that human beings are weird, wonderful and different. Some people enjoy doing this. Most people do not.
But, in this case, the proof is in the pudding.
"Save ___ or more!"
"Sale! X% off" (but is always 'on sale')
"Only X left! (Where x is random number from 1-9)
If I was in the market for crazy travels, I would look up the destinations or search a travel agency. As it happens I am not, and I don't want your stuff to take my attention.
All advertising is harmful. If your product is not so new and exciting that it won't be featured in the relevant press/youtube channel, then I will find it when and if I need it.
Advertisement is spam and spam needs to be dealt with.
Citation very much needed. Advertising is everything. If you own a small business, your sign is an ad. If you were a traveling cobbler in colonial America, your wagon was an ad.
I also dislike the modern "you already know about this beer, but drinking it will surround you with swedish bikini models" type of ad, but something like YNAB's simple "Hey, you need a budget" is awesome, because you do, indeed, need a budget.
https://www.military.com/video/aircraft/military-aircraft/no...
I reviewed it briefly here: https://superbowl.substack.com/p/links-for-september
How many people here see any ads? And if you watch someone without adblock or money to spend on ad-free versions of stuff, they just ignore them entirely because their attention span has already been destroyed.
The big spending ads on social media are "one weird trick" type stuff. Occasionally something breaks though and we're forced to see a subway station takeover or some other embarrassing attempt at relevance.
But overall, ads are a joke now. They're either something to be ignored as part of bottom tier "products" or they are bypassed.
So while I realize the surface of the web has been destroyed by advertising, and it's now just a kind of toxic wasteland, basically everyone has moved underground and is ok. The only thing I worry about is how it all gets paid for once companies collectively realize nobody cares about ads. Are there really enough "podiatrists hate her" gimmicks to keep paying for FAANG et al?
I think you forget that we live in a bubble here and we do not generalise out to the rest of the population.
> How many people here see any ads?
You're not the target audience. Advertising definitely works, though not on everyone.
Never take HN commenters as a representative sample of the general population.
Just because it's not flashy banners or near-naked women doesn't mean it's not advertising.
fixed: wrong word
It works on everyone. In fact, the people who swear "ads don't work on me" are the easiest people to advertise to, because they are hyper aware of advertisements, and even saying to yourself "I won't use X product because Y" is simply enforcing a brand choice based on... advertising.
Ads unfortunately do work.
Non-targeted ads? Most people have mental filters that weed them out. They're just background noise now. (But oh, the bliss when the noise stops...)
A data point: Google gets most of its revenue from selling ads and they're doing ok. Presumably, if advertising stopped working then their revenue would be going down a lot? There's an entire industry that would notice.
All the time on mobile. In instagram every third post is an ad. I have actually purchased some stuff on there as well. (Turns out what I bought was just drop-shipped garbage so I am less inclined to purchase in the future but the ad was compelling enough for me to pay).
Ad-free experience is the best. Desktop browsing is wonderful. (although even though I use uBlock Origin, my search terms somehow result in tailored ads on instagram anyway)
I work with Gen-Z developers. They don't even use a desktop at home, only mobile. Therefore, unless they are doing some sort of convoluted setup with things like AdGuard, they are experiencing the full ad ecosystem in their daily computing usage.
I have adguard on mobile but this stuff does not seem to work on Instagram and other apps.
My dream setup are custom mobile apps that are open source wrappers around popular apps with all the ads, tracking stripped out. After all, most apps are just some simple text/graphics that pull data from some hardcoded endpoint. Most of the binary is external libs that you don't really need such as analytics/tracking/QA)
Unfortunately this dream is a major ask that will probably not happen.
The only place I see overt ads now is sponsors on youtube channels. So far I've managed to avoid buying anything through those.
HN puts hiring ads for YCombinator startups in the news feed. Look for the posts that don't allow comments. I'm not say this to complain about HN (they're un-obtrusive, relevant without tracking, and a really clever way to use their forum), but there's even ads on here, even though you might not notice them.
I know that HN is actually a big advertisement for a VC fund. But at some level, the GNU Coreutils documentation (as a random example) is a big ad for GNU coreutils (plus maybe some free software stuff). Those kind of "ads" that are more like "entailed promotion" are actually what a good searchable communication network looks like, and I dont believe are what the article is talking about. Discoverability is advertising, and good discoverability is good advertising. But that kind of advertising is not what we normally think of when we talk about "punch the monkey" style internet advertising, which is what the article is about.
But amazing wonderful intelligent people use this product. And it makes them smarter, and the women adore and just want you. And you'll go to bed knowing you accomplished everything you could ever want by possessing and using product."
Is very different from
"GNU coreutils does these things and has X license."
One uses a whole slew of psychological games to mentally invade the viewer, and to make them devalue themselves until they buy your product and become 'whole again'. (Adverts targeting women use this consistently - telling them they are stupid or stink and product fixes it.)
The other is just matter-of-factly 'thing does stuff'
Every third FB post is an advert (mostly irrelevant, somehow as often for suspect "mushrooms" as for power packs or hotels).
Every YouTube video on the app, un-skippable for at least 5 seconds and possibly 20. (I put the phone aside for a bit for those).
Most podcasts also have them, though at least I can skip past those.
Almost everybody, day-in, day-out, Adblock or not.
Not to mention HN being an ad for YC, and featuring posts-as-ads for YC companies...
You too probably have been influenced by ads far more than you think. They're in all kinds of things you consume like videos and podcasts, blogs... even many frontpage HN posts are blatantly advertising a service or platform. You might think you're not falling prey because you don't see an ad for Wendys and go immediately there for dinner that night. But tons of companies are slowly exposing you to their preferred platform, building goodwill towards their brands, or otherwise subtly influencing your behavior.
Marketers are using a combination of paid ads along with HN posts and other social media posts to drive a variety of traffic to their page, and they have the data to show where everyone is coming from, what they're looking at, and how often they're converting to paid customers. I know this first hand from working with enterprise level marketing experts.
HN itself is basically a y combinator ad. You are for sure aware of y combinator by now, and if you needed startup funding you might consider applying there.
In the early days of radio and TV - to my knowledge in England, Australia, NZ (and its colonies?), you had to pay a license fee. In those days you had like 1-2 TV stations to choose from. People hated paying those fees and in many countries they were abolished. Likewise, I doubt that people would pay to have access Google search & Gmail, Facebook etc. As long as advertisers subsidize "free services", they are likely to remain.
Similar thing exists here in Germany (or at least Berlin, I don't know all the federalisms yet) except unlike the UK you can't opt out by not having a TV or equivalent.
If we removed the advertising part of that then everything could be cheaper.
The article starts out by basically admitting that there is some informational role that is needed: "In the early 20th century, advertisements served a clear purpose: they informed customers about the useful qualities of a product and how that product solved a specific problem or need."
And then came Freud and Bernays. The article doesn't get into it but I thought it interesting that Freud's theories found more fertile ground in the USA than Europe, in retrospect easy to see because the theory of the subconscious was so marketable.
I agree that some sort of advertising ban would be nice, but unlike the article, I don't think it will be an argument that advertising is necessary, but rather a free speech argument that advertising can't be distinguished from opinionated speech. And: "A quick and easy internet search can provide us with all the information we might require about a particular product." Really now?
We're already entering a third phase, where advertising is moving beyond explicitly labeled published ads, into infiltration of social networks and 'hidden advertising' in the form of faked product reviews, fake word of mouth, etc. It's easy to look back on what went wrong with advertising in the 20th c., but I'd rather figure out what to do about what seems to be coming in the 21st.
And all of this is trying to hit a target that is falling away in the rear view mirror. We can ban billboards and TV ads, but it's going to be harder to ban internet bribes and lies.
“Made 100% from orange juice” for example is intended to deceive people where what’s actually going on is they’re using the orange peels to make new flavor compounds which are then added back in. It doesn’t matter what the actual words mean if the goal is deceive then clearly it’s a deceive statement.
Yeah it’s not too hard to see how this could be abused in hindsight. What if I just make it all up?
Uhh... what? All google search results have always been ads. Even when it's not paid search results, the network effect that causes a page to rank high is the result of marketing.
The irony that a person writes this sentence, and then illustrates his writing solely with advertisements from the early 20th and late 19th centuries.
My god we're talking only 32 years ago. Sure it's not his living memory, but come on. Talk about not even looking at the pictures in a history book, let alone reading a history book.
The premise of this is flawed on a few counts, but I'll just point out that what the author is referring to here is marketing, of which advertising is only a part.
Although I block both ads and sponsored content (with sponsorblock) it's still impossible to escape the recommendation algorithms that just show me all the new and exciting things the market is coming up with. And this doesn't just go for technology, it's everywhere, from plants to books to phones to fountain pens. The line is completely blurred. Though it is easiest to see in tech because every tech youtuber out there is doing "non paid reviews" but what are these if not just advertisement? They get the products for free just to show them off, and it's bonanza for everyone... well, everyone but the consumer.
The most critical situation for me is that in this age, if you have a little bit of money, there's always a right product fit for you. Sure, I might not be willing to spend the 1400 dollars of this top-of-the-line smartphone but hey, here's a very similar alternative for just half the price; it's chinese but you can always get around some of the drawbacks with a bit of knowledge, now, that's exciting.
It's difficult because I really enjoy technology, ultimately, I'm a weak person with a tendency to overspend; but I've realized the grand majority of tech "reviews" out there are nothing but giving you a list of specs on a nicely presented package. What do they add, really? I mean, they barely get to use these products at all! A nice review requires time, but when time has passed then the new product is already out. It's an extremely fast paced cycle that leaves everyone behind and it's all fueled by advertisement. Though there are some reviewers out there that really do a good job and give good information; when I was trying to buy a robot vacuum cleaner there was plenty of really high quality reviews of them.
It's become really difficult to separate between people giving valuable information and people just trying to create a need to consume in you.
> Humans are creative. Give them back their public spaces and let them shape them.
BUT THERE MUST BE NO ADVERTISING!
What is unclear from the article is:
- what will replace advertising while somehow not morphing into advertising
- how this brave new ad-free regime will enforce itself without resorting to tyranny
If all trees were forced to halve the length of their trunks nothing would change but a lot of resources would be saved.
So things will change irrespective of whether "they must". People will try to find solace in other ways. Economic structures and social preferences are ever evolving - we tend to ascribe to the recent past a longevity and stability that it does not have.
The digital age may accelerate such transitions. Or supress them. It is still a toss. Surveillance capitalism was built on adtech but is somehow conditioned on the masses forever having no agency and no control over digital devices and information flows.
It takes some inate optimism to think that things could be otherwise but I believe the commoditisation of digital infrastructure and the suboptimal stewardship acts against its ongoing tight control by a small entrenched minority.
The underlying zero marginal cost trend is gnawing at the foundations of the current architecture. The wave upon wave of fizzling hypes is one symptom of this.
The other headwind is expressed at the macro level as the missing IT productivity that economists puzzle over. Simply put: the tech industry, through its recurrent monopolies, adtech business models etc is holding societies and economies back. Not developing the tools that will increase welfare both on a financial and psychological scale.
The same commoditized tech deployed in a decentralized way could open up a completely new era. As has been stated many times, we live in a feudal digital system and we know for a fact that market systems are superior to feudalism.
That said, I'm pessimistic and cynical, and I find myself seeing every new "advancement" as portentous of a grim future.
I came to the conclusion that sustaining the status quo, and even growing modestly, doesn't require a huge amount of effort on average (relative to history, of course).
But doing new things does require huge effort. Inventions, discoveries, traveling, new engineering challenges, etc., all seem to take a lot of resources, and the relative share of that consumption seems to be increasing.
Lots of people complain about America, and with good reason. But America also does a lot of stuff and there's no denying that. America was heavily involved in almost any invention or advancement that comes to mind from the last hundred years. America is the dominant force in NATO, which seems to have a renewed sense of purpose after a non-NATO country was invaded. And America absorbs huge numbers of migrants for all kinds of reasons, and many of them turn out to be a lot more productive once here.
It's hard to imagine all of that happening if everyone was maximizing for happiness. I'm not saying that it's better than happiness, just that it seems America is maximizing something else.
(Disclaimer: of course resources are still wasted in pursuit of these other things, and there are externalities.)
Happiness is obviously intertwined with techological development as anybody wearing glasses or cured from a nasty disease would happily testify.
On the other hand much of the planet is nowhere near saturating its consumption appetite and it is actually physically imposible for this to happen to US standards - a permanent destabilizing force.
Inventing 'sustainable consumption' is growth in itself but there is a raging debate about whether it can substitute for current practices.
To me, it feels that there’s a natural limit, and a natural instability built in to the entire model: ad revenue depends on users, users don’t like ads. But there’s a third factor at play: their reputation. Ad revenue makes companies so much money that they try to branch out with ridiculous things that end up costing them users (Twitter, Google, Microsoft, Meta - all have shifted towards dumb ideas in the last couple of years and their reputations are all in the gutter because of it). As a result, their risky Skynet-wannabe (or in the case of Meta, Lawnmower-Man-wannabe) investments are hurting their core income stream, and they’re resorting to faux-austerity as a result. It’s embarrassing to watch.
However, I disagree with the article for a variety of reasons. The main one is “capitalism bad” has never been a viable mechanism for something to cease existing, and while companies make money from it, they’ll do it. Government isn’t incentivised to intervene too strongly because people buying things turns out to be good for the economy and good for the tax man, even if those things are the result of irrational decisions (and even if the aforementioned companies pay so little in tax anyway that it barely scratches the surface).
I hear this a lot, but is it even true? Yes, our current system incentivizes increased consumption as a primary driver of growth. However, with the internet-era advent of 0-marginal cost goods/services, with extremely sublinear real-world resource usage (ie. electricity), aren't productivity increases just as valid a mode of growth as consumption increases? If we appropriately tax the consumptive inputs that feed an enterprise (eg. Carbon) isn't it reasonable to say that the growth of capital is not necessarily permanently hitched to the cart of otherwise limited real-world consumption?
This is a key part of my perspective that degrowth is not the only path forward. Innovation can yield us a carbon-neutral future. In the same vein, can't invention yield us an economy with fewer "devastating environmental and social consequences"?
It's incumbent upon us to price the negative externalities of consumption, not to abolish consumption entirely.
IANAEconomist, so I'd welcome critique on these points.
From another perspective: global GDP seems to be in the ballpark of $100T. If we grow at 3% for 100 years, we get 100T*(1.03)^100, almost 2000T global GDP. If we cut off 1% of that growth and use it to feed and house people worldwide, it becomes 100T*(1.02)^100 = 725T, plus 1% of global GDP per year in assistance (1T per year now, 7T in 2123, summing to 35T over 100 years [2]).
I think the utilitarian question is whether an additional 1200T in global wealth outweighs 35T of targeted assistance to the most vulnerable people in the world. If we look at the wealth distribution [3], the bottom 53% have 1.4% of the wealth. If that holds (which isn't necessarily a safe assumption, it could get worse), the bottom 53% would get 16T. Doesn't look so great compared to that 35T (probably targeted at the very bottom of that 53%), I admit. If we extend out to 200 years though, even these lines cross (if we make it that far :).
I think this tells me the most beneficial path forward is to maximize GDP growth while minimizing inequality to ensure that the fruits of that labor/growth help the vulnerable get food, not the rich buy another boat. That said, I think cutting global wealth by a factor of 3 in 100 years is not a great outcome. It would be like global wealth in 2020 being reverted back to that of 1980ish [4]. Life wasn't so different in the developed world then, but it was quite different outside of it (see [1]).
There is a valid criticism that perhaps the world doesn't need more wealth than that which can house, clothe, and feed everyone on earth. And we already produce that much wealth, it's just not distributed evenly enough to meet those needs. OTOH, what luxuries would you forgo to deliver those benefits? AC? Your laundry machine? Availability and quality of healthcare? We also need to motivate 8B people to continue working and producing the goods/services that yield a good life for everyone.
In the face of these questions, I don't find capitalism to be as evil as I once did when I was a bit younger. I don't mean to blindly support the invisible hand. The Keynesian approach balances government intervention ("distributions", above) with capital investment. My point is just that the trade-offs are not as simple as I once thought they were, and that growth is not the unmitigated evil many are eager to make it out to be.
[1]: https://en.wikipedia.org/wiki/Extreme_poverty#/media/File:Wo... [2]: https://imgur.com/a/rEneaxK [3]: https://cdni0.trtworld.com/w960/q75/93908_Theglobalwealthpyr... [4]: https://ourworldindata.org/grapher/world-gdp-over-the-last-t...
What people (shareholders) want is more. Next quarter's profit ought to be more than last quarter's profit, forever. Why? Because more is better. More is the be all, end all. More, more, more.
"Productivity increases" cannot keep this going... forever.
Consumption is the basic principle of any modern economy because that's how you create jobs. Otherwise we have BS jobs, where what people have useless jobs they don't solve any problems.
For every thing you produce, someone has to buy it, and for every thing you buy someone has to make it.
In the USSR they didn't understand this concept and they just had jobs for the sake of jobs. Then you'll end up with warehouses full of useless products that none buy. Just to create jobs.
One example from the book Basic Economics of Sowell: the Ushanka hat where the skin of some animal would be used to make those typical Russian hats. The government would pay you for each individual animal skin you hunt. But there was a disconnect between animal skins killed, and hats sold. It's easier to hunt the animal than to sell the hat , and they'll end up with warehouses full of dead animals that would rot and never be used for hats.
What has growth to do with it? Capitalism would tell you to stop killing animals and do something else instead. The same thing that happened with sending paper letters and instead using smartphones. That's growth.
Uhh. So, this point to a book called Less is More — How Degrowth Will Save the World. In that book this statement is indeed made, and as a source it points to "Andre Gorz, Capitalism, Socialism, Ecology, trans. Chris Turner (London: Verso, 1994).". But in that book I can't find any reference to it. Was is completely made up?