Damage to established ideas which lurks in relationship

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Q. Review "The dependence effect" in Chapter 7. Please respond to the subsequent:

Explain the two assumptions of consumer demand theory as Galbraith explains it.

Explain how Galbraith undermines those assumptions.

According to Galbraith, the argument which production is dependent on consumer demand, which is dependent on advertising, is dangerous because most economists would sense "the damage to established ideas which lurks in these relationships." Examine illustrate what he means by this.

Reference no: EM1391183

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