Planned Obsolescence
Planned obsolescence is often a result of imperfect information in the market for consumer (and sometimes capital) goods. While companies provide specifications about their products, the only indicator about a product’s lifespan is typically its warranty.
Products are often produced to be irreparable, and information about repair-ability is typically opaque. Under the New Physiocratic platform, this lack of information is considered detrimental to the market’s efficiency. In addition, we want to return to a time when products were built to last, out of quality materials that felt tough, and could be repaired. To do so, the New Physiocratic platform calls for a series of laws like the Hamon Law introduced in France, which makes planned obsolescence illegal. It also would include strict labelling laws to indicate the expected length of a product’s life, and availability of replacement parts. Products that cannot be repaired or upgraded must be labelled as such. A lean but effective agency would be tasked with the role of detecting such misbehavior, exposing quality control issues, and suggesting measures to increase durability. The levels and grades of durability would also be rated on an easy-to-read scale (for example, a 1 for a product that is fragile, and a 10 for a product that can be battered with no effect). The agency would also distribute consumer quality awards, perhaps even televised for entertainment, where products are put to the durability test. The New Physiocrats believe in a return to the days of products that were built to last, and if consumers prefer a more fragile product, they should at least be informed before purchasing.
More economic literature on Economics.Studio
More on the topic Planned Obsolescence:
-
Distribution of productive forces -
Economic theory -
General economic issues -
History of economic scientists -
Macroeconomics -
World economy -
-
Conflictology -
Ecology -
Economy -
Finance -
History -
Law -
Medicine -
Philosophy -
Religious studies -