In the early 20th century critics attacked product variety as being wasteful — a sign that markets were less efficient than central planning. Hence, the Chinese wore Mao suits, Americans got uniformly round automobile headlights and British authorities “rationalized” furniture designs.
A famous scene in the film Moscow on the Hudson has Robin Williams as a Soviet immigrant collapsing at the sight of an American coffee aisle, circa 1984. Imagine what would happen in Starbucks.
A free economy multiplies variety, the better to serve buyers with different tastes and different needs and to give people the chance to experience different goods at different times. Arguing that this plenitude is inefficient went out decades ago. The problem with markets, the detractors now say, is that all these choices make us unhappy.
Virginia Postrel, “I’m Pro-Choice”, Forbes, 2005-03-28.
May 18, 2021
QotD: The imaginary problem of having “too much” choice
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