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Recent Developments in Applied Demand Analysis - Alcohol, Advertising and Global Consumption (Paperback, Softcover reprint of the original 1st ed. 1995)
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Recent Developments in Applied Demand Analysis - Alcohol, Advertising and Global Consumption (Paperback, Softcover reprint of the original 1st ed. 1995)
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The study of consumer demand is important for a number of reasons.
First, as total consumption absorbs more than 70 percent of GDP in
most countries, it is the largest of the macroeconomic aggregates,
thus having great significance for the state of the economy as a
whole and business conditions. Second, the pattern of consumption
contains a wealth of useful information regarding economic welfare
and living standards. Closely allied to this is that as consumption
(both current and future) is the ultimate objective of all economic
activity and economic systems (mercantilists notwithstanding), in a
fundamental sense consumption patterns are an objective way of
measuring and assessing economic performance. Finally, an
understanding of the price-responsiveness of consumption is of
crucial importance for a host of microeconomic policy issues
including public-utility pricing, the measurement of distortions,
optimal taxation and the treatment of externalities. The analysis
of consumer demand is one of the major successes of economics as it
represents the near perfect marriage of theory and econometrics, a
situation almost unparalleled in any other field of economics. This
field has attracted a lot of attention since the introduction of
the linear expenditure system and its application to British data
by Stone (1954), followed by the differential demand system of
Barten (1964) and Theil (1965, 1975176, 1980) and developments
thereafter.
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