consumer sovereignty

(ECONOMICS) the concept that in a MARKET ECONOMY the consumer of goods and services ultimately determines the continued production; and changes in the production, of these. The objection raised against this notion is that, while as social actors individual consumers have ‘choice’, this is constrained by the power of large producers to control the range of goods and services available to the consumer, e.g. through advertising (see also AFFLUENT SOCIETY, GALBRAITH). It follows from this, that in seeking to understand consumer behaviour one must study the overall social context in which the production of goods and services occurs, and not confine attention only to the tastes of consumers. See also CONSUMPTION, CONSUMER CULTURE, COLLECTIVE CONSUMPTION.

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.

单词	consumer sovereignty
释义	consumer sovereignty consumer sovereignty (ECONOMICS) the concept that in a MARKET ECONOMY the consumer of goods and services ultimately determines the continued production; and changes in the production, of these. The objection raised against this notion is that, while as social actors individual consumers have ‘choice’, this is constrained by the power of large producers to control the range of goods and services available to the consumer, e.g. through advertising (see also AFFLUENT SOCIETY, GALBRAITH). It follows from this, that in seeking to understand consumer behaviour one must study the overall social context in which the production of goods and services occurs, and not confine attention only to the tastes of consumers. See also CONSUMPTION, CONSUMER CULTURE, COLLECTIVE CONSUMPTION. consumer sovereignty 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.
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