Abstract
Firms spend a great deal of money on promotional activity, in which advertising plays a prominent role. Many economists view this as a waste of resources — one firm’s expenditure neutralising that of rival firms — while for others it plays an important part in the operation of an efficient market economy.
Like romance, advertising is an activity to which most people have been exposed and about which little is known. H. Demsetz (1974a, p. 67).
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© 1988 Paul R. Ferguson
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Ferguson, P.R. (1988). The Advertising Debate. In: Industrial Economics: Issues and Perspectives. Palgrave, London. https://doi.org/10.1007/978-1-349-19211-3_4
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DOI: https://doi.org/10.1007/978-1-349-19211-3_4
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