I, for one, have Serious Concerns about the monopoly JK Rowling has over the ideas in her own headhttps://twitter.com/RBReich/status/1220481483002937344 …
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*Having* a negative externality, not *being* a negative externality. The point is that one component of the motivation to see popular things comes specifically from their popularity-qua-popularity, and not their quality-as-evidenced-by-their-popularity.
I just tend to assume that virality is adaptive, and that the apparent quality of e.g. Harry Potter even on sober reflection should be reassuring. If anything, I'd pick on the social status goods that *don't* gain value as they're made *more* accessible, e.g. Rolex watches
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That is all true. But I do also feel like the "want to see X because other people have seen X regardless of quality just to know what they're talking about" thing is genuine; I've certainly had that urge myself.
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Wealth signaling is zero sum, while that's less obvious for movies. Maybe a bad movie that people feel compelled to watch to show they're cultured would also have a negative externality.
End of conversation
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