The economy of attention

Abstract

This article outlines a theory of the economy of attention constituting the logic of the mass media in contemporary social life, focusing on celebrity as the key manifestation of the accumulation of attention capital. I explain how the mass media exchange information and entertainment for attention, which is in turn monetised via advertising. The field of celebrity is a ‘vanity fair’ functioning as a stock exchange of attention capital – measured in circulation and viewing figures, ratings, likes, visits and so on – a form of capital that earns interest and generates additional income for those in its proximity. Overall, I argue that we are living in an era of ‘mental capitalism’ in which the relations of production themselves have inverted the relationship between the material and mental worlds, so that the realm of ideas is now the driving economic force. The article concludes by outlining the shape of a new, quaternary sector of the economy, characterised by de-materialisation and virtualisation, and raise the question of whether a focus on new forms of virtual and ideational value might possibly improve the sustainability of the world we live in, if the struggle for attention replaces the struggle for material goods.