A Heterodox Approach to Masstige: Brand Fetishism, Corporate Pricing, and Rules of Consumer ChoiceMarko Lah, Andrej Sušjan
- Economics and Econometrics
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