ǂA ǂheterodox approach to masstige
brand fetishism, corporate pricing, and rules of consumer choice
Abstract
Masstige, or luxury for the masses, is a phenomenon that requires a heterodox economic approach based on Original Institutional Economics view of corporate power combined with Marxian concept of brand fetishism and post-Keynesian theories of pricing and consumer choice. The attitude toward luxury in classical works on political economy is briefly outlined. By applying the post-Keynesian theory of oligopolistic pricing, we show how the power of luxury brands enables high profits of luxury conglomerates. We use the post-Keynesian theory of consumer choice to differentiate between various types of masstige buyers.Masstige, or luxury for the masses, is a phenomenon that requires a heterodox economic approach based on Original Institutional Economics view of corporate power combined with Marxian concept of brand fetishism and post-Keynesian theories of pricing and consumer choice. The attitude toward luxury in classical works on political economy is briefly outlined. By applying the post-Keynesian theory of oligopolistic pricing, we show how the power of luxury brands enables high profits of luxury conglomerates. We use the post-Keynesian theory of consumer choice to differentiate between various types of masstige buyers.
Keywords
consumption;luxury;masstige;Original Institutional Economics;post-Keynesian economics;
Data
| Language: | English |
|---|---|
| Year of publishing: | 2024 |
| Typology: | 1.01 - Original Scientific Article |
| Organization: | UL EF - Faculty of Economics |
| UDC: | 366:330.821.5 |
| COBISS: |
162772227
|
| ISSN: | 0486-6134 |
| Views: | 397 |
| Downloads: | 83 |
| Average score: | 0 (0 votes) |
| Metadata: |
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Other data
| Secondary language: | Slovenian |
|---|---|
| Secondary keywords: | blagovne znamke;trženje;vedenje potrošnikov;Potrošnja (ekonomija);Blagovne znamke;Keynesianizem; |
| Type (COBISS): | Article |
| Pages: | str. 214-232 |
| Volume: | ǂVol. ǂ56 |
| Issue: | ǂno. ǂ2 |
| Chronology: | Jun. 2024 |
| DOI: | 10.1177/04866134231184939 |
| ID: | 22766827 |
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