Analysis so this doesn’t get removed: The author argues cultural stagnation is a market failure where the safety of recycled IP crowds out the positive externalities of risky innovation. While revealed preferences suggest we just want a live action Lilo & Stitch, the piece claims we need nonmonetary social norms to subsidize the R&D behind complex, difficult art like Bergman’s Persona. Basically the market is efficient at delivering what we buy today but bad at funding the experimental failures required for future trends.
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Analysis so this doesn’t get removed: The author argues cultural stagnation is a market failure where the safety of recycled IP crowds out the positive externalities of risky innovation. While revealed preferences suggest we just want a live action Lilo & Stitch, the piece claims we need nonmonetary social norms to subsidize the R&D behind complex, difficult art like Bergman’s Persona. Basically the market is efficient at delivering what we buy today but bad at funding the experimental failures required for future trends.