But today’s rich don’t generally wear the 2020 version of royal purple, something like parametrically fitted garments made of nanofibers embellished with synthetic mother of pearl (which might be the results of real growth). Instead, they wear $500 cotton t-shirts with inscrutable references and visual motifs pulled from a smörgås-moodboard that makes little “sense” in any generalizable way. The t-shirt’s price clearly isn’t a function of its material makeup, but rather a result of some form of manipulation of meaning associated with it. But because meaning (or its substrate information) is infinite, it can only become a luxury once it carries the illusion of scarcity.
Value, in an economic sense, is theoretically created by new things based on new ideas. But when the material basis for these new things is missing or actively deteriorating and profits must be made, what is there to be done? Retreat to the immaterial and work with what already exists: meaning.
Meaning is always readily available to be repeated, remixed, and/or cannibalized in service of creating the sensation of the new.