consumer sovereignty


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consumer sovereignty

the power of CONSUMERS to determine what is produced since they are the ultimate purchasers of goods and services. In general terms, if consumers demand more of a good then more of it will be supplied. This implies that PRODUCERS are ‘passive agents’ in the PRICE SYSTEM, simply responding to what consumers want. In certain kinds of market, however, notably, OLIGOPOLY and MONOPOLY, producers are so powerful vis-à-vis consumers that it is they who effectively determine the range of choice open to the consumer. See REVISED SEQUENCE.
References in periodicals archive ?
The Citizens United for Consumer Sovereignty, a Seoul-based civic group, filed a suit against Apple and Apple Korea earlier this month on behalf of 122 people seeking compensation of 2.
Apple (AAPL), down fractionally after CNBC reported that South Korean consumer group Citizens United for Consumer Sovereignty has filed a criminal complaint against Apple CEO Tim Cook.
Standard economic analysis of regulations relies on the concept of consumer sovereignty and traditionally treats market participants as if they are rational actors.
But as long as consumer sovereignty is an intensely promoted principle, many do not even realize that their supremacy is an illusion.
As the business environment continues to evolve, consumer sovereignty reigns and continues to influence the market forces.
A fourth explanation, linked closely to this promotion agenda, revolves around the notion of consumer sovereignty, which views individual consumer choice as the principal source of production, pricing, and regulatory decisions by business and governments (Princen 2010a).
Volume 3 examines areas including the political demise of the property tax, consumer sovereignty and quasi-market failure, and corruption and economic growth.
Americans who exercise consumer sovereignty wherever Barack Obama still tolerates it are constantly disappointing him.
In part, this resistance is aided by the economic concept of consumer sovereignty (CS) and its presumption that choice promotes wellbeing.
In an autonomous society one must have a true market with consumer sovereignty.
Britain's transformation under Margaret Thatcher into a supposedly post-industrial society orientated towards consumer sovereignty was paid for with revenues from the North Sea oil industry, an industry conveniently out of sight and out of mind for many.
In the eighth chapter, Laurence Murphy documents the shift from "roll-back" neo liberalism and the dismantling of the welfare state in the 1980s in New Zealand to the "roll-out' neoliberalism in the 1990s which centered on the instititutionalisation of market processes, competition and consumer sovereignty within new state regulatory and governance structures.