DOI: 10.1177/04866134231184939 ISSN:

A Heterodox Approach to Masstige: Brand Fetishism, Corporate Pricing, and Rules of Consumer Choice

Marko Lah, Andrej Sušjan
  • Economics and Econometrics
  • Philosophy

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.

JEL Classification: B52, D11, D21, D43

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