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

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  • Marko Lah
  • Andrej SuÅ¡jan

Abstract

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

Suggested Citation

  • Marko Lah & Andrej SuÅ¡jan, 2024. "A Heterodox Approach to Masstige: Brand Fetishism, Corporate Pricing, and Rules of Consumer Choice," Review of Radical Political Economics, Union for Radical Political Economics, vol. 56(2), pages 214-232, June.
    • Handle: RePEc:sae:reorpe:v:56:y:2024:i:2:p:214-232
    DOI: 10.1177/04866134231184939
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    References listed on IDEAS

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    More about this item

    Keywords

    consumption; luxury; masstige; Original Institutional Economics; post-Keynesian economics;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection

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