In the third chapter of Commerce I raise the issue of a market driven by whim. I chose "whim" because it has no perceptible rational basis, it seems purely emotion driven.
I would like to offer a revision for the next edition. I now prefer the notion that the market is driven largely by esthetics; personal esthetics. Each individual, beyond subsistence living, is using his/her purchasing power in the market to create an esthetic identity.
The esthetics are obvious in grooming and dressing components. They are also apparent in choice of automobile, house and home décor. But it doesn’t really end anywhere, including funeral services. Esthetics is a driving force in the market.
Virginia Postrel has done an excellent job of covering this subject…I am just now catching up.
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