Life lessons from an ad man | Rory Sutherland

449,345 views ・ 2009-10-14

TED


Please double-click on the English subtitles below to play the video.

00:15
This is my first time at TED. Normally, as an advertising man,
0
15260
3000
00:18
I actually speak at TED Evil, which is TED's secret sister
1
18260
3000
00:21
that pays all the bills.
2
21260
3000
00:24
It's held every two years in Burma.
3
24260
3000
00:27
And I particularly remember a really good speech
4
27260
3000
00:30
by Kim Jong Il on how to get teens smoking again.
5
30260
3000
00:33
(Laughter)
6
33260
2000
00:35
But, actually, it's suddenly come to me after years working in the business,
7
35260
2000
00:37
that what we create in advertising,
8
37260
3000
00:40
which is intangible value -- you might call it perceived value,
9
40260
2000
00:42
you might call it badge value, subjective value,
10
42260
3000
00:45
intangible value of some kind --
11
45260
2000
00:47
gets rather a bad rap.
12
47260
2000
00:49
If you think about it, if you want to live in a world in the future
13
49260
2000
00:51
where there are fewer material goods, you basically have two choices.
14
51260
4000
00:55
You can either live in a world which is poorer,
15
55260
2000
00:57
which people in general don't like.
16
57260
2000
00:59
Or you can live in a world where actually intangible value
17
59260
3000
01:02
constitutes a greater part of overall value,
18
62260
4000
01:06
that actually intangible value, in many ways
19
66260
2000
01:08
is a very, very fine substitute
20
68260
2000
01:10
for using up labor or limited resources
21
70260
3000
01:13
in the creation of things.
22
73260
2000
01:15
Here is one example. This is a train which goes from London to Paris.
23
75260
3000
01:18
The question was given to a bunch of engineers,
24
78260
2000
01:20
about 15 years ago, "How do we make the journey to Paris better?"
25
80260
4000
01:24
And they came up with a very good engineering solution,
26
84260
2000
01:26
which was to spend six billion pounds
27
86260
2000
01:28
building completely new tracks
28
88260
2000
01:30
from London to the coast,
29
90260
2000
01:32
and knocking about 40 minutes off a three-and-half-hour journey time.
30
92260
4000
01:36
Now, call me Mister Picky. I'm just an ad man ...
31
96260
2000
01:38
... but it strikes me as a slightly unimaginative way of improving a train journey
32
98260
4000
01:42
merely to make it shorter.
33
102260
2000
01:44
Now what is the hedonic opportunity cost
34
104260
3000
01:47
on spending six billion pounds on those railway tracks?
35
107260
2000
01:49
Here is my naive advertising man's suggestion.
36
109260
3000
01:52
What you should in fact do is employ all of the world's top male
37
112260
2000
01:54
and female supermodels,
38
114260
2000
01:56
pay them to walk the length of the train, handing out free Chateau Petrus
39
116260
4000
02:00
for the entire duration of the journey.
40
120260
2000
02:02
(Laughter)
41
122260
2000
02:04
(Applause)
42
124260
1000
02:05
Now, you'll still have about three billion pounds left in change,
43
125260
4000
02:09
and people will ask for the trains to be slowed down.
44
129260
3000
02:12
(Laughter)
45
132260
1000
02:13
Now, here is another naive advertising man's question again.
46
133260
4000
02:17
And this shows that engineers,
47
137260
2000
02:19
medical people, scientific people,
48
139260
2000
02:21
have an obsession with solving the problems of reality,
49
141260
3000
02:24
when actually most problems, once you reach a basic level of wealth
50
144260
3000
02:27
in society, most problems are actually problems of perception.
51
147260
3000
02:30
So I'll ask you another question.
52
150260
2000
02:32
What on earth is wrong with placebos?
53
152260
2000
02:34
They seem fantastic to me. They cost very little to develop.
54
154260
2000
02:36
They work extraordinarily well.
55
156260
3000
02:39
They have no side effects,
56
159260
2000
02:41
or if they do, they're imaginary, so you can safely ignore them.
57
161260
2000
02:43
(Laughter)
58
163260
2000
02:45
So I was discussing this. And I actually went to the Marginal Revolution blog
59
165260
2000
02:47
by Tyler Cowen. I don't know if anybody knows it.
60
167260
2000
02:49
Someone was actually suggesting that you can take this concept further,
61
169260
3000
02:52
and actually produce placebo education.
62
172260
2000
02:54
The point is that education doesn't actually work by teaching you things.
63
174260
4000
02:58
It actually works by giving you the impression
64
178260
2000
03:00
that you've had a very good education, which gives you an insane sense
65
180260
2000
03:02
of unwarranted self-confidence,
66
182260
2000
03:04
which then makes you very, very successful in later life.
67
184260
3000
03:07
So, welcome to Oxford, ladies and gentlemen.
68
187260
3000
03:10
(Laughter)
69
190260
2000
03:12
(Applause)
70
192260
1000
03:13
But, actually, the point of placebo education is interesting.
71
193260
3000
03:16
How many problems of life can be solved
72
196260
2000
03:18
actually by tinkering with perception,
73
198260
2000
03:20
rather than that tedious, hardworking and messy business
74
200260
2000
03:22
of actually trying to change reality?
75
202260
3000
03:25
Here's a great example from history. I've heard this attributed to several other kings,
76
205260
3000
03:28
but doing a bit of historical research,
77
208260
2000
03:30
it seems to be Fredrick the Great.
78
210260
2000
03:32
Fredrick the Great of Prussia was very, very keen
79
212260
2000
03:34
for the Germans to adopt the potato and to eat it,
80
214260
3000
03:37
because he realized that if you had two sources of carbohydrate,
81
217260
2000
03:39
wheat and potatoes, you get less price volatility in bread.
82
219260
4000
03:43
And you get a far lower risk of famine,
83
223260
2000
03:45
because you actually had two crops to fall back on, not one.
84
225260
2000
03:47
The only problem is: potatoes, if you think about it, look pretty disgusting.
85
227260
3000
03:50
And also, 18th century Prussians ate very, very few vegetables --
86
230260
4000
03:54
rather like contemporary Scottish people.
87
234260
2000
03:56
(Laughter)
88
236260
2000
03:58
So, actually, he tried making it compulsory.
89
238260
3000
04:01
The Prussian peasantry said,
90
241260
2000
04:03
"We can't even get the dogs to eat these damn things.
91
243260
2000
04:05
They are absolutely disgusting and they're good for nothing."
92
245260
2000
04:07
There are even records of people being executed
93
247260
2000
04:09
for refusing to grow potatoes.
94
249260
2000
04:11
So he tried plan B.
95
251260
2000
04:13
He tried the marketing solution, which is he declared the potato
96
253260
2000
04:15
as a royal vegetable, and none but the royal family could consume it.
97
255260
3000
04:18
And he planted it in a royal potato patch,
98
258260
2000
04:20
with guards who had instructions
99
260260
2000
04:22
to guard over it, night and day,
100
262260
2000
04:24
but with secret instructions not to guard it very well.
101
264260
3000
04:27
(Laughter)
102
267260
1000
04:28
Now, 18th century peasants know that there is one
103
268260
2000
04:30
pretty safe rule in life, which is if something is worth guarding,
104
270260
2000
04:32
it's worth stealing.
105
272260
2000
04:34
Before long, there was a massive underground
106
274260
2000
04:36
potato-growing operation in Germany.
107
276260
2000
04:38
What he'd effectively done is he'd re-branded the potato.
108
278260
4000
04:42
It was an absolute masterpiece.
109
282260
2000
04:44
I told this story and a gentleman from Turkey came up to me and said,
110
284260
2000
04:46
"Very, very good marketer, Fredrick the Great. But not a patch on Ataturk."
111
286260
4000
04:50
Ataturk, rather like Nicolas Sarkozy,
112
290260
2000
04:52
was very keen to discourage the wearing of a veil,
113
292260
2000
04:54
in Turkey, to modernize it.
114
294260
2000
04:56
Now, boring people would have just simply banned the veil.
115
296260
3000
04:59
But that would have ended up with a lot of awful kickback
116
299260
2000
05:01
and a hell of a lot of resistance.
117
301260
2000
05:03
Ataturk was a lateral thinker.
118
303260
2000
05:05
He made it compulsory for prostitutes to wear the veil.
119
305260
3000
05:08
(Laughter)
120
308260
5000
05:13
(Applause)
121
313260
2000
05:15
I can't verify that fully, but it does not matter.
122
315260
2000
05:17
There is your environmental problem solved, by the way, guys:
123
317260
2000
05:19
All convicted child molesters
124
319260
2000
05:21
have to drive a Porsche Cayenne.
125
321260
2000
05:23
(Laughter)
126
323260
5000
05:28
What Ataturk realized actually is two very fundamental things.
127
328260
3000
05:31
Which is that, actually, first one,
128
331260
2000
05:33
all value is actually relative.
129
333260
3000
05:36
All value is perceived value.
130
336260
2000
05:38
For those of you who don't speak Spanish, jugo de naranja -- it's actually the Spanish for "orange juice."
131
338260
2000
05:40
Because actually it's not the dollar. It's actually the peso
132
340260
2000
05:42
in Buenos Aires. Very clever Buenos Aires street vendors
133
342260
3000
05:45
decided to practice price discrimination
134
345260
2000
05:47
to the detriment of any passing gringo tourists.
135
347260
3000
05:50
As an advertising man, I have to admire that.
136
350260
2000
05:52
But the first thing is that all value is subjective.
137
352260
4000
05:56
Second point is that persuasion is often better than compulsion.
138
356260
3000
05:59
These funny signs that flash your speed at you,
139
359260
2000
06:01
some of the new ones, on the bottom right,
140
361260
2000
06:03
now actually show a smiley face or a frowny face,
141
363260
3000
06:06
to act as an emotional trigger.
142
366260
2000
06:08
What's fascinating about these signs is they cost about 10 percent
143
368260
2000
06:10
of the running cost of a conventional speed camera,
144
370260
3000
06:13
but they prevent twice as many accidents.
145
373260
2000
06:15
So, the bizarre thing, which is baffling
146
375260
2000
06:17
to conventional, classically trained economists,
147
377260
2000
06:19
is that a weird little smiley face
148
379260
2000
06:21
has a better effect on changing your behavior
149
381260
2000
06:23
than the threat of a £60 fine and three penalty points.
150
383260
5000
06:28
Tiny little behavioral economics detail:
151
388260
2000
06:30
in Italy, penalty points go backwards.
152
390260
3000
06:33
You start with 12 and they take them away.
153
393260
2000
06:35
Because they found that loss aversion
154
395260
2000
06:37
is a more powerful influence on people's behavior.
155
397260
2000
06:39
In Britain we tend to feel, "Whoa! Got another three!"
156
399260
3000
06:42
Not so in Italy.
157
402260
2000
06:44
Another fantastic case of creating intangible value
158
404260
3000
06:47
to replace actual or material value, which remember, is what,
159
407260
3000
06:50
after all, the environmental movement needs to be about:
160
410260
2000
06:52
This again is from Prussia, from, I think, about 1812, 1813.
161
412260
3000
06:55
The wealthy Prussians, to help in the war against the French,
162
415260
3000
06:58
were encouraged to give in all their jewelry.
163
418260
2000
07:00
And it was replaced with replica jewelry
164
420260
3000
07:03
made of cast iron.
165
423260
2000
07:05
Here's one: "Gold gab ich für Eisen, 1813."
166
425260
4000
07:09
The interesting thing is that for 50 years hence,
167
429260
2000
07:11
the highest status jewelry you could wear in Prussia
168
431260
2000
07:13
wasn't made of gold or diamonds.
169
433260
2000
07:15
It was made of cast iron.
170
435260
2000
07:17
Because actually, never mind the actual intrinsic value
171
437260
2000
07:19
of having gold jewelry. This actually
172
439260
2000
07:21
had symbolic value, badge value.
173
441260
2000
07:23
It said that your family had made a great sacrifice in the past.
174
443260
3000
07:26
So, the modern equivalent would of course be this.
175
446260
2000
07:28
(Laughter)
176
448260
1000
07:29
But, actually, there is a thing, just as there are Veblen goods,
177
449260
3000
07:32
where the value of the good depends on it being expensive and rare --
178
452260
3000
07:35
there are opposite kind of things
179
455260
2000
07:37
where actually the value in them depends on them being
180
457260
2000
07:39
ubiquitous, classless and minimalistic.
181
459260
3000
07:42
If you think about it, Shakerism was a proto-environmental movement.
182
462260
3000
07:45
Adam Smith talks about 18th century America,
183
465260
2000
07:47
where the prohibition against visible displays of wealth was so great,
184
467260
4000
07:51
it was almost a block in the economy in New England,
185
471260
2000
07:53
because even wealthy farmers could find nothing to spend their money on
186
473260
3000
07:56
without incurring the displeasure of their neighbors.
187
476260
3000
07:59
It's perfectly possible to create these social pressures
188
479260
2000
08:01
which lead to more egalitarian societies.
189
481260
3000
08:04
What's also interesting, if you look at products
190
484260
2000
08:06
that have a high component
191
486260
2000
08:08
of what you might call messaging value,
192
488260
2000
08:10
a high component of intangible value, versus their intrinsic value:
193
490260
3000
08:13
They are often quite egalitarian.
194
493260
3000
08:16
In terms of dress, denim is perhaps the perfect example of something
195
496260
3000
08:19
which replaces material value with symbolic value.
196
499260
4000
08:23
Coca-Cola. A bunch of you may be a load of pinkos,
197
503260
2000
08:25
and you may not like the Coca-Cola company,
198
505260
2000
08:27
but it's worth remembering Andy Warhol's point about Coke.
199
507260
2000
08:29
What Warhol said about Coke is, he said,
200
509260
2000
08:31
"What I really like about Coca-Cola is the president of the United States
201
511260
2000
08:33
can't get a better Coke than the bum on the corner of the street."
202
513260
4000
08:37
Now, that is, actually, when you think about it -- we take it for granted --
203
517260
2000
08:39
it's actually a remarkable achievement,
204
519260
2000
08:41
to produce something that's that democratic.
205
521260
3000
08:44
Now, we basically have to change our views slightly.
206
524260
3000
08:47
There is a basic view that real value involves making things,
207
527260
3000
08:50
involves labor. It involves engineering.
208
530260
3000
08:53
It involves limited raw materials.
209
533260
3000
08:56
And that what we add on top is kind of false. It's a fake version.
210
536260
3000
08:59
And there is a reason for some suspicion and uncertainly about it.
211
539260
3000
09:02
It patently veers toward propaganda.
212
542260
3000
09:05
However, what we do have now
213
545260
2000
09:07
is a much more variegated media ecosystem
214
547260
3000
09:10
in which to kind of create this kind of value, and it's much fairer.
215
550260
3000
09:13
When I grew up, this was basically the media environment of my childhood
216
553260
2000
09:15
as translated into food.
217
555260
2000
09:17
You had a monopoly supplier. On the left,
218
557260
2000
09:19
you have Rupert Murdoch, or the BBC.
219
559260
2000
09:21
(Laughter)
220
561260
1000
09:22
And on your right you have a dependent public
221
562260
2000
09:24
which is pathetically grateful for anything you give it.
222
564260
3000
09:27
(Laughter)
223
567260
2000
09:29
Nowadays, the user is actually involved.
224
569260
3000
09:32
This is actually what's called, in the digital world, "user-generated content."
225
572260
3000
09:35
Although it's called agriculture in the world of food.
226
575260
2000
09:37
(Laughter)
227
577260
1000
09:38
This is actually called a mash-up,
228
578260
2000
09:40
where you take content that someone else has produced
229
580260
2000
09:42
and you do something new with it.
230
582260
2000
09:44
In the world of food we call it cooking.
231
584260
3000
09:47
This is food 2.0,
232
587260
2000
09:49
which is food you produce for the purpose of sharing it with other people.
233
589260
3000
09:52
This is mobile food. British are very good at that.
234
592260
3000
09:55
Fish and chips in newspaper, the Cornish Pasty,
235
595260
2000
09:57
the pie, the sandwich.
236
597260
2000
09:59
We invented the whole lot of them.
237
599260
2000
10:01
We're not very good at food in general. Italians do great food,
238
601260
2000
10:03
but it's not very portable, generally.
239
603260
2000
10:05
(Laughter)
240
605260
5000
10:10
I only learned this the other day. The Earl of Sandwich didn't invent the sandwich.
241
610260
2000
10:12
He actually invented the toasty. But then, the Earl of Toasty would be a ridiculous name.
242
612260
3000
10:15
(Laughter)
243
615260
1000
10:16
Finally, we have contextual communication.
244
616260
2000
10:18
Now, the reason I show you Pernod -- it's only one example.
245
618260
2000
10:20
Every country has a contextual alcoholic drink. In France it's Pernod.
246
620260
4000
10:24
It tastes great within the borders of that country,
247
624260
2000
10:26
but absolute shite if you take it anywhere else.
248
626260
3000
10:29
(Laughter)
249
629260
2000
10:31
Unicum in Hungary, for example.
250
631260
2000
10:33
The Greeks have actually managed to produce something called Retsina,
251
633260
2000
10:35
which even tastes shite when you're in Greece.
252
635260
2000
10:37
(Laughter)
253
637260
2000
10:39
But so much communication now is contextual
254
639260
2000
10:41
that the capacity for actually nudging people,
255
641260
2000
10:43
for giving them better information -- B.J. Fogg,
256
643260
2000
10:45
at the University of Stanford, makes the point
257
645260
2000
10:47
that actually the mobile phone is --
258
647260
2000
10:49
He's invented the phrase, "persuasive technologies."
259
649260
2000
10:51
He believes the mobile phone, by being location-specific,
260
651260
3000
10:54
contextual, timely and immediate,
261
654260
2000
10:56
is simply the greatest persuasive technology device ever invented.
262
656260
3000
10:59
Now, if we have all these tools at our disposal,
263
659260
2000
11:01
we simply have to ask the question,
264
661260
2000
11:03
and Thaler and Sunstein have, of how we can use these more intelligently.
265
663260
3000
11:06
I'll give you one example.
266
666260
3000
11:09
If you had a large red button of this kind, on the wall of your home,
267
669260
2000
11:11
and every time you pressed it, it saved 50 dollars for you,
268
671260
3000
11:14
put 50 dollars into your pension,
269
674260
2000
11:16
you would save a lot more.
270
676260
2000
11:18
The reason is that the interface fundamentally determines
271
678260
2000
11:20
the behavior. Okay?
272
680260
2000
11:22
Now, marketing has done a very, very good job of creating
273
682260
3000
11:25
opportunities for impulse buying.
274
685260
2000
11:27
Yet we've never created the opportunity for impulse saving.
275
687260
4000
11:31
If you did this, more people would save more.
276
691260
3000
11:34
It's simply a question of changing the interface
277
694260
2000
11:36
by which people make decisions,
278
696260
2000
11:38
and the very nature of the decisions changes.
279
698260
2000
11:40
Obviously, I don't want people to do this,
280
700260
2000
11:42
because as an advertising man I tend to regard saving as just
281
702260
2000
11:44
consumerism needlessly postponed.
282
704260
2000
11:46
(Laughter)
283
706260
1000
11:47
But if anybody did want to do that,
284
707260
3000
11:50
that's the kind of thing we need to be thinking about, actually:
285
710260
3000
11:53
fundamental opportunities to change human behavior.
286
713260
2000
11:55
Now, I've got an example here from Canada.
287
715260
3000
11:58
There was a young intern at Ogilvy Canada
288
718260
3000
12:01
called Hunter Somerville,
289
721260
2000
12:03
who was working in improv in Toronto,
290
723260
2000
12:05
and got a part-time job in advertising,
291
725260
2000
12:07
and was given the job of advertising Shreddies.
292
727260
3000
12:10
Now this is the most perfect case of creating
293
730260
2000
12:12
intangible, added value,
294
732260
2000
12:14
without changing the product in the slightest.
295
734260
3000
12:17
Shreddies is a strange, square, whole-grain cereal,
296
737260
3000
12:20
only available in New Zealand, Canada and Britain.
297
740260
4000
12:24
It's Kraft's peculiar way of rewarding loyalty to the crown.
298
744260
3000
12:27
(Laughter)
299
747260
3000
12:30
In working out how you could re-launch Shreddies,
300
750260
3000
12:33
he came up with this.
301
753260
2000
12:42
Video: (Buzzer)
302
762260
5000
12:48
Man: Shreddies is supposed to be square.
303
768260
3000
12:51
(Laughter)
304
771260
1000
12:52
Woman: Have any of these diamond shapes gone out?
305
772260
3000
12:55
(Laughter)
306
775260
2000
12:57
Voiceover: New Diamond Shreddies cereal.
307
777260
2000
12:59
Same 100 percent whole-grain wheat in a delicious diamond shape.
308
779260
3000
13:02
(Applause)
309
782260
4000
13:06
Rory Sutherland: I'm not sure this isn't the most perfect example
310
786260
2000
13:08
of intangible value creation. All it requires is
311
788260
2000
13:10
photons, neurons, and a great idea to create this thing.
312
790260
3000
13:13
I would say it's a work of genius.
313
793260
2000
13:15
But, naturally, you can't do this kind of thing without a little bit of market research.
314
795260
3000
13:18
Man: So, Shreddies is actually producing a new product,
315
798260
3000
13:21
which is something very exciting for them.
316
801260
3000
13:24
So they are introducing new Diamond Shreddies.
317
804260
3000
13:27
(Laughter)
318
807260
5000
13:32
So I just want to get your first impressions when you see that,
319
812260
2000
13:34
when you see the Diamond Shreddies box there.
320
814260
3000
13:37
(Laughter)
321
817260
1000
13:38
Woman: Weren't they square?
322
818260
2000
13:40
Woman #2: I'm a little bit confused. Woman #3: They look like the squares to me.
323
820260
2000
13:42
Man: They -- Yeah, it's all in the appearance.
324
822260
2000
13:44
But it's kind of like flipping a six or a nine. Like a six,
325
824260
4000
13:48
if you flip it over it looks like a nine.
326
828260
2000
13:50
But a six is very different from a nine.
327
830260
2000
13:52
Woman # 3: Or an "M" and a "W". Man: An "M" and a "W", exactly.
328
832260
2000
13:54
Man #2: [unclear]
329
834260
2000
13:56
You just looked like you turned it on its end. But when you see it like that
330
836260
3000
13:59
it's more interesting looking.
331
839260
2000
14:01
Man: Just try both of them.
332
841260
2000
14:03
Take a square one there, first.
333
843260
3000
14:06
(Laughter)
334
846260
12000
14:18
Man: Which one did you prefer? Man #2: The first one.
335
858260
2000
14:20
Man: The first one?
336
860260
2000
14:22
(Laughter)
337
862260
2000
14:24
Rory Sutherland: Now, naturally, a debate raged.
338
864260
4000
14:28
There were conservative elements in Canada, unsurprisingly,
339
868260
3000
14:31
who actually resented this intrusion.
340
871260
2000
14:33
So, eventually, the manufacturers actually
341
873260
2000
14:35
arrived at a compromise, which was the combo pack.
342
875260
3000
14:38
(Laughter)
343
878260
2000
14:40
(Applause)
344
880260
9000
14:49
(Laughter)
345
889260
5000
14:54
If you think it's funny, bear in mind there is an organization called
346
894260
3000
14:57
the American Institute of Wine Economics,
347
897260
3000
15:00
which actually does extensive research into perception of things,
348
900260
2000
15:02
and discovers that except for among
349
902260
2000
15:04
perhaps five or ten percent of the most knowledgeable people,
350
904260
3000
15:07
there is no correlation between quality and enjoyment
351
907260
2000
15:09
in wine,
352
909260
2000
15:11
except when you tell the people how expensive it is,
353
911260
2000
15:13
in which case they tend to enjoy the more expensive stuff more.
354
913260
3000
15:16
So drink your wine blind in the future.
355
916260
3000
15:19
But this is both hysterically funny --
356
919260
2000
15:21
but I think an important philosophical point,
357
921260
2000
15:23
which is, going forward, we need more of this kind of value.
358
923260
3000
15:26
We need to spend more time appreciating what already exists,
359
926260
3000
15:29
and less time agonizing over what else we can do.
360
929260
2000
15:31
Two quotations to more or less end with.
361
931260
2000
15:33
One of them is, "Poetry is when you make new things
362
933260
2000
15:35
familiar and familiar things new."
363
935260
2000
15:37
Which isn't a bad definition of what our job is,
364
937260
3000
15:40
to help people appreciate what is unfamiliar, but also
365
940260
2000
15:42
to gain a greater appreciation, and place a far higher value on
366
942260
4000
15:46
those things which are already existing.
367
946260
2000
15:48
There is some evidence, by the way, that things like social networking help do that.
368
948260
3000
15:51
Because they help people share news.
369
951260
2000
15:53
They give badge value to everyday little trivial activities.
370
953260
4000
15:57
So they actually reduce the need for actually spending great money on display,
371
957260
3000
16:00
and increase the kind of third-party
372
960260
2000
16:02
enjoyment you can get from the smallest, simplest things in life. Which is magic.
373
962260
4000
16:06
The second one is the second G.K. Chesterton quote of this session,
374
966260
3000
16:09
which is, "We are perishing for want of wonder, not for want of wonders,"
375
969260
3000
16:12
which I think for anybody involved in technology, is perfectly true.
376
972260
3000
16:15
And a final thing: When you place a value on things like health,
377
975260
2000
16:17
love, sex and other things,
378
977260
2000
16:19
and learn to place a material value
379
979260
2000
16:21
on what you've previously discounted
380
981260
2000
16:23
for being merely intangible, a thing not seen,
381
983260
3000
16:26
you realize you're much, much wealthier than you ever imagined.
382
986260
3000
16:29
Thank you very much indeed.
383
989260
2000
16:31
(Applause)
384
991260
1000
About this website

This site will introduce you to YouTube videos that are useful for learning English. You will see English lessons taught by top-notch teachers from around the world. Double-click on the English subtitles displayed on each video page to play the video from there. The subtitles scroll in sync with the video playback. If you have any comments or requests, please contact us using this contact form.

https://forms.gle/WvT1wiN1qDtmnspy7