A heterodox approach to masstige : brand fetishism, corporate pricing, and rules of consumer choice

Lah, Marko (author), Sušjan, Andrej (author)

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.

• Language: English
• Keywords: consumption, luxury, masstige, Original Institutional Economics, post-Keynesian economics
• Work type: Article
• Typology: 1.01 - Original Scientific Article
• Organization: FDV - Faculty of Social Sciences; EF - School of Economics and Business
• Publication status: Published
• Publication version: Version of Record
• Year: 2024
• Number of pages: Str. 214–232
• Numbering: Vol. 56, iss. 2
• PID: 20.500.12556/RUL-154206
• UDC: 366:330.821.5
• ISSN on article: 0486-6134
• DOI: 10.1177/04866134231184939
• COBISS.SI-ID: 162772227
• Publication date in RUL: 01.02.2024

Record is a part of a journal

• Title: The review of radical political economics
• Shortened title: Rev. radic. polit. econ.
• Publisher: SAGE, Union for Radical Political Economics
• ISSN: 0486-6134
• COBISS.SI-ID: 263961

Licences

• License: CC BY-NC 4.0, Creative Commons Attribution-NonCommercial 4.0 International
• Link: http://creativecommons.org/licenses/by-nc/4.0/
• Description: A creative commons license that bans commercial use, but the users don’t have to license their derivative works on the same terms.

Secondary language

• Language: Slovenian
• Keywords: potrošnja, ekonomija, blagovne znamke, keynesianizem, trženje, vedenje potrošnikov