Denton Marks uses economic analysis, in plain and simple language,
to demystify the wine world and to enrich our understanding of it.
This remarkable book could well serve as an introduction to the
wine industry for economists or as an introduction to economics for
the wine industry. Up to date and thorough, Marks has undertaken a
prodigious task.' - Orley Ashenfelter, Princeton University, and
Co-Founder and President, American Association of Wine Economists,
US'What is welcome with Denton Marks's book is its exploration
beyond the narrow focus of wine pricing. The outline of how wine
fits into key economic processes is illuminating, and the
understanding of the political economy of wine is especially
helpful. Crucially, the examination of how wine functions as a
cultural good is a real expansion of our understanding of its
social and economic context, underlining that value is not merely a
financial construct but includes intangible, symbolic meaning as
well.' - Steve Charters MW, School of Wine and Spirits Business,
Burgundy School of Business, France 'Denton Marks's book fills a
void in both the economics and the wine-related literature. It
offers the economics student insights into the wine world and the
wine professionals insights into economic thinking. Certainly, this
is the first 'wine economics' textbook.' - Karl Storchmann, New
York University, US and Managing Editor, Journal of Wine Economics
'Marks harvests wine's potential as a lens through which to view
human economic behavior- and economic misbehavior - taking readers
on a sophisticated but accessible and comprehensive tour of the
fascinating nooks and crannies of the wine market. Perhaps the
crowning achievement is the original and thought-provoking
treatment of some of the thorniest philosophical and scientific
dilemmas unique to wine, including price signals, asymmetric
information, and sensory intersubjectivity. This is a much-needed
book from an economist who knows the subject.' - Robin Goldstein,
Author of The Wine Trials, Blind Taste, and blindtaste.com/ 'Most
professions show a professional interest in wine, and economics is
no exception: it can help us understand how wine markets work. But
since economics is considered by many as a rather 'dry' subject,
wine can boost student enthusiasm for economics. This book exploits
those two interests by helping non-economists understand wine
producer and consumer behavior and helping college students
understand economics.' - Kym Anderson, Wine Economics Research
Centre, University of Adelaide and Australian National University,
Australia Wine and the wine trade are steeped in culture and
history; few products have consistently enjoyed both cultural
importance and such wide distribution over time even seen by some
as 'an elixir of life'. While wine has been produced and consumed
for centuries, what is distinctive about the economics of wine?
Professor Marks's book is an accessible exploration of the
economics of wine, using both basic principles and specialized
topics and emphasizing microeconomics and related research. Drawing
upon economic themes such as International Trade and Public Choice,
Wine and Economics also relates economic reasoning to management
issues in wine markets. The discussion ranges from economic
fundamentals and wine and government, to the challenge of knowing
what is in the bottle and the importance of wine as a cultural
good. This novel and comprehensive introduction to the subject is
an invaluable resource for students, scholars and anyone interested
in wine and the wine industry.
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