This article got me thinking. The shortcomings of the neoclassical economic theory have been known for a long time now. It's also well known that many new currents emerged as a response to this failure. What's less explored - if at all - is what this means for marketing and advertising (and by this, I don't mean academic exploration, but the adoption of the new economic learnings in practice). Here and there, we use segments of behavioral economics, economic psychology, and economic sociology but overall seem to ignore the very reality that deemed traditional economic theory obsolete. Think monetization opportunities in redistribution markets and/or business models that can emerge from collaborative consumption. Our marketing frame is still not the one of a dynamic economic world. In all our rush for the re-invention of marketing, we seemed to have forgotten to change the economic logic behind it.
The image above is from Trashr, which connects supply and demand of discarded goods. Everyone who's lived in NYC for a while knows what gems can be found discarded on the street. Why not create a market around it? One man's trash is another man's treasure, after all.
