I think both papers are very stimulating and suggestive, and I have only a few brief observations. First, on Dr. Porter's paper, I have the impression that the appropriate line of demarcation is between television and print rather than between national media (network television and magazines) and local media (spot television and newspapers). Dr. Porter stresses the opposite conclusion, but I defer to the reader to determine whether my impression is correct, that is, whether most of the variables work rather differently for the television media than they do for the print media.
Turning to Dr. Telser's paper, there are two comments I would like to make. First, Dr. Telser suggests at several points that those who buy the products advertised pay for the advertising. This is an old and in my view unsatisfactory idea.
Let me refer, for a moment, to the Steiner study; it is a singularly good example of the point I am trying to make. Steiner reported that toy manufacturers discovered that national advertising, particularly on Saturday morning network television, provided an extraordinarily efficient way to increase sales.1 The result of that advertising and of the preselling of toys, was the introduction of a new kind of retail operation, in which retail margins and prices were aggressively slashed. Now, I do not know how the people who bought those toys after the advertising was introduced by the industry paid for the advertising. Indeed, it appears that if there had been no advertising, they would have paid more.
Second, Dr. Telser not only discusses and concerns himself with various relationships within the advertising market, but extends his analysis to the relationship between the advertising market and the entertainment market. He goes even further by strongly suggesting that it is the demands or needs of the advertising marketplace that bring about certain kinds of TV programs and certain kinds of magazines and magazine articles.
I think that stretches things a little far. I think that advertising has a profound and significant role to play in the economic marketplace,____________________