Mises Daily
Author:
Robert Batemarco
Online Publish Date:
Now that I have your attention, rest assured that even when John Kenneth Galbraith got something right, he got it wrong. One of the signature ideas for which Galbraith is known is the Dependence Effect, which states that advertising convinces people that they need things that they don’t really need. In Galbraith’s own words, “If the individual’s