In November, 1977, on a still-sticky evening along Louisiana’s Gulf Coast, the Austrian economist and philosopher Friedrich Hayek boarded a flight bound for Chile and settled into his seat in first class. He was headed to the Valparaíso Business School, where he was scheduled to receive an honorary degree.
THE RARE BEAUTY Blush. A Stanley Travel Tumbler. Olaplex shampoo. The Diesel Belt Skirt. Dior Lip Oil. L’Oreal Telescopic Lift Mascara. Any of the Skims Sets. While this might seem like a nonsensical list of products, on TikTok, each of these items has been the focus of a viral spending frenzy. Once known for dance videos, TikTok’s growing user rate has promoted the app from social media site to thriving marketplace — where a product can go from new offering to cult favorite in days, and drive thousands of dollars in sales.