(Please read an expanded blog for additional information.) Advertising has long been viewed with suspicion—not only by CFOs as an expense to minimize, but by critics like John Kenneth Galbraith and Vance Packard, who argued it persuades people to buy things they don’t need. Economics principles point to a very different conclusion. My economics professor […]
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Jul
10
An Economist View…How Advertising Creates Value for Consumers
In: consumer surplus, consumer value creation, economics, Micro economics, price theory
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