consumer sovereignty


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consumer sovereignty

(ECONOMICS) the concept that in a MARKET ECONOMY the consumer of goods and services ultimately determines the continued production; and changes in the production, of these. The objection raised against this notion is that, while as social actors individual consumers have ‘choice’, this is constrained by the power of large producers to control the range of goods and services available to the consumer, e.g. through advertising (see also AFFLUENT SOCIETY, GALBRAITH). It follows from this, that in seeking to understand consumer behaviour one must study the overall social context in which the production of goods and services occurs, and not confine attention only to the tastes of consumers. See also CONSUMPTION, CONSUMER CULTURE, COLLECTIVE CONSUMPTION.
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One consequence of this framework is that power becomes conceptualized by the field in two mutually dependent and eventually narrow ways: as the manifestation of consumer sovereignty (where consumer choice dictates consumption patterns), and as the expression of expert influence (where experts and the organizations they advise look to influence these "sovereign" actors in multiple ways).
Consumer sovereignty, decision-making traits, human impact on ecosystems, uncertainty, ignorance, deliberative decision-making
Consequently, the method of multiple objectives has to take into consideration consumer sovereignty too.
Iran Khodro`s strategic plans by the year 2015 include concentration on newcoming Islamic markets, raising consumer sovereignty index, designing and developing new platform on modern technologies, producing minibus, autobus, trucks and wagons on domestic designing and technologies.
At the core of the latter are the neoclassical economic welfare criteria encapsulated in what he calls the Pareto-Arrow-Bergson Standard of economic efficiency, consumer sovereignty, and redistributive social optimality.
Gamble's wry comments that the rhetoric of consumer sovereignty was well understood by Chinese staff, but that in practice they struggled to deal with their 'unmanageable' customers, make salutary reading.
Meeting in Council on 31 May, EU ministers debated the charter entitled Consumer sovereignty in a digital world', according to which there is a growing demand for security in using new technologies and transparency.
5) For consumer sovereignty it is feared that the solutions are located in a not allowed non-convex zone.
In the book, the authors explore why the healthcare market is not more like other markets and describe the means and rewards of restructuring healthcare, largely by encouraging consumer sovereignty.
My central claim is that our faith in consumer sovereignty is misplaced--not because we are tricked into making bad choices, but because even good individual choices can lead to bad results.
On a more serious note, the authors' suggestion that the cherished principle of consumer sovereignty implies that neoclassical economists would not countenance the idea of educating tastes (say, through the public school system) is overstated to say the least.
Consumer sovereignty is the idea that consumers exert ultimate control over the economy.