It's not obvious that millennials - the young and unwise of our society - like or even understand markets. Yet here we've a little story which shows that they should love them.
That story being a little listicle of things which have fallen out of fashion as the portion of purchasing power deployed by those millennials rises.
It’s not just frozen food that millennials have helped bring back. Millennials get a bad rap for killing things, but they’re also helping saving a number of industries. But are they reviving as many industries as they’re killing? I’ve conducted an investigative analysis to find out.
In are diamonds, golf, and vinyl records apparently, out go bar soap, chewing gum, focus groups, napkins, thongs and the Olympics.
Now let us think of an economic system which accommodates such changes.in desires. There's nothing particularly rational about some of them, they're just changes in taste. Rational in the sense of being calculable that is. Thus a planner could not possibly forsee them nor, well, plan for them.
Who, after all, knows why the desired shape of knickers changes?
We thus need some sort of system which indicates to producers that tastes are changing, preferably with a vicious feedback system to clear out those who don't take note. That being exactly what the market does provide for us. Those who fail to rise those changing tastes go bust an vanish from our economy. And precisely because changes in taste aren't predictable they cannot be planned for at the system level - only by individual market actors who may or may not strike it lucky.
Millennials, whatever their thoughts about markets, really should love them. For they're precisely what caters to their tastes.