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,... See more

We also believe that the experience economy is dying, its key commodity (umami) has changed status, and nobody knows what’s coming next.

Let’s take an example. The luxury sector, fashion in particular, has increasingly become a key theater for umami. Throughout the history of human civilization, luxury was premised on being expensive, meaning it resulted from investing an unreasonable amount of work, material or other scarce resources into the making of a thing.