Brand Names

Brand Names, the Concise Encyclopedia of Economics, David R. Henderson (Ed.), the Library of Economics and Liberty, Liberty Fund, Pp 42 44 (2007).

4 Pages Posted: 28 Sep 2014

See all articles by Benjamin Klein

Benjamin Klein

University of California, Los Angeles (UCLA) - Department of Economics; Compass Lexecon

Date Written: 2007

Abstract

Consumers pay a higher price for brand-name products than for products that do not carry an established brand name. Because this involves paying extra for what some consider an identical product that merely has been advertised and promoted, brand names may appear to be economically wasteful. This argument was behind the decision to eliminate all brand names on goods produced in the Soviet Union immediately after the 1917 communist revolution. The problems this experiment caused – problems described by economist Marshall Goldman – suggest that brand names serve an important economic function.

JEL Classification: L14

Suggested Citation

Klein, Benjamin, Brand Names (2007). Brand Names, the Concise Encyclopedia of Economics, David R. Henderson (Ed.), the Library of Economics and Liberty, Liberty Fund, Pp 42 44 (2007).. Available at SSRN: https://ssrn.com/abstract=1872205

Benjamin Klein (Contact Author)

University of California, Los Angeles (UCLA) - Department of Economics ( email )

1999 Avenue of the Stars
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HOME PAGE: http://www.econ.ucla.edu/people/Faculty/Klein.html

Compass Lexecon ( email )

1999 Avenue of the Stars
Suite 1150
Los Angeles, CA 90067-4628
United States
310-728-2025 (Phone)
310-728-2070 (Fax)

HOME PAGE: http://www.compasslexecon.com/professionals/bio?id=152

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