Innovations of economic value


An extremely puzzling argument over whether certain industries, like fashion, produce innovations which provide economic value. Puzzling because we're presented with arguments that fashion does increase productivity for example.

Eh? Productivity isn't the point of the economy at all (however much rising productivity is desirable). No, the purpose and function of all production is consumption. We should not and do not justify an industry on whether it innovates, whether it provides economic value by this definition, or raises productivity in doing so, we justify an industry or activity if consumers desire (desire sufficiently that they will consume) said production.

If it makes some people happier to have four seasons of fashions each and every year then by all means, let's have them for those that want them. If some want ice cream named after dead drug addict guitarists, equally so. If other prefer clothes that last decades then that too can be provided in a market economy, as can ice cream not named after dead drug addict guitarists.

The justification for any industry, for any production, is that what they provide adds to the sum of human happiness. Nothing else is required as such a justification.