Thursday, February 20, 2020

A flower is effectively a weed with a marketing budget

--- Rory Sutherland, in conversation with Russ Roberts on the EconTalk podcast, "Rory Sutherland on Alchemy," 11 November 2019

At timecode 1:06:00

Yah, so, I mean, in the book, I used this phrase -- which I assume someone must have used before, but it appears they haven't; at least, I've Googled it -- which is: Advertising's very, very old. A flower is effectively a weed with a marketing budget. And the reason that advertising is necessary by plants is that the bee can only discover whether there's a worthwhile supply of nectar available in the plant by actually visiting it. And there is a mechanism that is necessary that delivers a reliable signal of promise of the presence of nectar, of which large petals and a variety of other signaling tools are merely one form. And so the very fact that advertising is an upfront cost is a reliable indicator of seller confidence. Because if the flower wasn't expecting the bees to come back for a second visit, it wouldn't pay it to grow these huge, great petals.