If supermarkets today decided to give away hot dogs for free, then more people would consume hot dogs at their cookouts this weekend and fewer people would consume hamburgers – even if people in general like hamburgers a bit more than hot dogs. Demand is elastic, and it tends to move in the opposite direction from price. Make something cheaper and people will buy more of it, often substituting it for something else they would have actually preferred to buy if the price hadn’t changed. Give something away, and the effect will be magnified. We turn into gluttons, stuffing free hot dogs into our mouths until nausea sets in.
The price elasticity of demand applies to information as well as meat products. Make information free, and we’ll become gluttons of information, as Rob Horning notes in an interesting post today:
As behavioral economists (most vociferously, Dan Ariely) have pointed out, we find the promise of free things hard to resist (even when a little thinking reveals that the free-ness is illusory). So when with very little effort we can accumulate massive amounts of “free” stuff from various places on the internet, we can easily end up with 46 days (and counting) worth of unplayed music on a hard drive. We end up with a permanent 1,000+ unread posts in our RSS reader, and a lingering, unshakable feeling that we’ll never catch up, never be truly informed, never feel comfortable with what we’ve managed to take in, which is always in the process of being undermined by the free information feeds we’ve set up for ourselves. We end up haunted by the potential of the free stuff we accumulate, and our enjoyment of any of it becomes severely impinged. The leisure and unparalleled bounty of a virtually unlimited access to culture ends up being an endless source of further stress, as we feel compelled to take it all in. Nothing sinks in as we try to rush through it all, and our rushing does nothing to keep us from falling further behind—often when I attempt to tackle the unread posts in my RSS reader, I end up finding new feeds to add, and so on, and I end up further behind than when I started.
Information may be free, but, as Horning explains, it exacts a price in the time required to collect, organize, and consume it. As we binge on the Net, the time available for other intellectual activities – like, say, thinking – shrinks. Eventually, we get bloated, mentally, and a kind of intellectual nausea sets in. But we can’t stop because – hey – it’s free.
And, yes, your brain does look fat.