Now that I
have your attention, rest assured that even when John Kenneth Galbraith got
something right, he got it wrong. One of the signature ideas for which
Galbraith is known is the Dependence Effect, which states that advertising
convinces people that they need things that they don’t really need. In
Galbraith’s own words, “If the individual’s wants are urgent, they must be
original with himself. They cannot be urgent if they must be contrived for him.
... One cannot defend production as satisfying wants if that production creates
the wants. ... The even more direct link between production and wants is
provided by the institutions of modern advertising and salesmanship.” Galbraith uses this
concept to undermine the foundations of microeconomics in the personal
preferences of individuals…..To Read More……
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