Economists have long counseled reliance on markets rather than on
government to decide a wide range of questions, in part because
allocation through voting can give rise to a "tyranny of the
majority." Markets, by contrast, are believed to make products
available to suit any individual, regardless of what others want.
But the argument is not generally correct. In markets, you can't
always get what you want. This book explores why this is so and its
consequences for consumers with atypical preferences.
When fixed costs are substantial, markets provide only products
desired by large concentrations of people. As a result, people are
better off in their capacity as consumers when more fellow
consumers share their product preferences. Small groups of
consumers with less prevalent tastes, such as blacks, Hispanics,
people with rare diseases, and people living in remote areas, find
less satisfaction in markets. In some cases, an actual tyranny of
the majority occurs in product markets. A single product can suit
one group or another. If one group is larger, the product is
targeted to the larger group, making them better off and others
worse off.
The book illustrates these phenomena with evidence from a
variety of industries such as restaurants, air travel,
pharmaceuticals, and the media, including radio broadcasting,
newspapers, television, bookstores, libraries, and the
Internet.
General
| Imprint: |
Harvard University Press
|
| Country of origin: |
United States |
| Release date: |
September 2007 |
| First published: |
2007 |
| Authors: |
Joel Waldfogel
|
| Dimensions: |
210 x 140 x 19mm (L x W x T) |
| Format: |
Hardcover - Cloth over boards / With printed dust jacket
|
| Pages: |
216 |
| ISBN-13: |
978-0-674-02581-3 |
| Categories: |
Books >
Business & Economics >
Economics >
Microeconomics >
Domestic trade
|
| LSN: |
0-674-02581-4 |
| Barcode: |
9780674025813 |
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