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I’m not even sure how to properly formulate this question. What would it look like for targeted advertising to be radically more effective? Well…

Do companies spent a much smaller fraction of their budget on advertising than they did 20 years ago, because it works so much better now?

Or do consumers spend a larger percentage of their discretionary income on things they’d never have bought without advertising?

Or are people vastly happier with things they buy, because advertising is making their purchases so much better informed?

(Reply speculation is not useful here; I’m looking for things we could actually gauge from empirical data.)

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