Judging the Welfare Performance of Manufacturers' Advertising

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Abstract
To judge the welfare performance of manufacturers' brand advertising, this article first lays out some of the basic economic relationships between manufacturers, wholesalers and retailers, and consumers in a consumer goods industry. It then identifies and analyzes the basic forces that propelled brand advertising into prominence in the late nineteenth century. Conditions in the pre-advertising era, which have lingered on in many unadvertised product classes, are compared with those that prevail in heavily advertised industries. By most of the criteria against which its performance is appraised, advertising receives fairly good grades.

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