While I’ll agree he never uses the phrase “arms race”, he does say this:
>The growth of advertising is fueled by the enormous waste it creates. In any somewhat saturated market - which, today, is most of them - any effort you spent on advertising serves primarily to counteract the combined advertising efforts of your competitors.
>The growth of advertising is fueled by the enormous waste it creates. In any somewhat saturated market - which, today, is most of them - any effort you spent on advertising serves primarily to counteract the combined advertising efforts of your competitors.