What is the Diderot Effect? It's this idea that obtaining a new possession will often create a spiral of consumption.

It's named after Denis Diderot, a French philosopher who lived in the 18th century. He was the author of a famous encyclopedia. And apparently, Catherine the Great, the Empress of Russia, was a fan. So when she heard of Diderot's financial troubles, she offered to buy his library for a thousand pounds, which would be around sixty thousand dollars today.

Suddenly, Diderot was rich!

After paying the dowry, he bought a new scarlet robe. And it was the beginning of the end...He went on a shopping spree. He replaced a straw chair with a leather one, he bought an expensive new clock, new art. And after he spent all his money, and some more, he wrote: "With time all depths will be paid, remorse will be calmed, and I will have pure joy."

But this probably sounded the least convincing to himself because he also concluded: "I was the absolute master of my old probe. I have become the slave of the new one..."

Resources: Regrets for my Old Dressing Gown – Denis Diderot: www.marxists.org/reference/archive/diderot/1769/re…

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