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Theory, Economics, Measurement, and the Principle of Relative Constancy

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  • Stephen Lacy
  • Ghee-Young Noh

Abstract

This article discusses the theoretical problems posed by the Principle of Relative Constancy (PRC). We argue that the PRC suffers from imprecision in definition of terms, measurement problems, and a failure to adequately meet the purposes of theory. We also argue that despite the PRC's important contributions to media economics research, existing economic theories and models are more useful in explaining consumer spending.

Suggested Citation

  • Stephen Lacy & Ghee-Young Noh, 1997. "Theory, Economics, Measurement, and the Principle of Relative Constancy," Journal of Media Economics, Taylor & Francis Journals, vol. 10(3), pages 3-16.
    • Handle: RePEc:taf:jmedec:v:10:y:1997:i:3:p:3-16
    DOI: 10.1207/s15327736me1003_1
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    Cited by:

    1. Esteban-Bravo, Mercedes & Vidal-Sanz, Jose M. & Yildirim, Gökhan, 2015. "Historical impact of technological change on the US mass media advertising expenditure," Technological Forecasting and Social Change, Elsevier, vol. 100(C), pages 306-316.
    2. Artem A. Eremin, 2014. "The Effect of Advertising on Economic Growth in the USA from a New Methodological Perspective," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 3-14.

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