Abstract
For many years writers argued that advertising was both informative and persuasive. This was in the Marshall-Pigovian tradition. In 1974, however, Professor Phillip Nelson1 wrote an article claiming that advertising was simply information, and that all advertising’s major features could be understood in terms of the information function.
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Notes and References
Phillip Nelson, ‘Advertising as Information’, Journal of Political Economy (1974).
Nicholas Kaldor, ‘The Economic Aspects of Advertising’, Review of Economic Studies (1950).
Lester Telser, ‘Supply and Demand for Advertising Messages’, American Economic Review (1966).
Edward H. Chamberlain, The Theory of Monopolistic Competition (Harvard 1960) pp. 118–20 and p. 172.
Joan Robinson, The Economics of Imperfect Competition (Macmillan, 1933) pp. 90 and 101.
Yale Brozen, Advertising and Society (New York University Press, 1974) p. 101.
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© 1981 W. Duncan Reekie
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Reekie, W.D. (1981). Advertising and the Theory of the Firm. In: The Economics of Advertising. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-04877-9_5
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