What is a Good?

Definitions of goods and services (goods) in standard economic text-books are criticised. Clearer definitions are made by linking the concept of intrinsic properties of goods to consumer utility theory and to the reality of the market place by using Lancaster’s “characteristics space”, the beliefs a...

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Bibliographic Details
Published in:Journal of interdisciplinary economics 1999-01, Vol.10 (2), p.91-105
Main Authors: Maughan, C. William, Townsley, Robert J.
Format: Article
Language:English
Subjects:
Advertising
Attitudes
Beliefs
Brands
Consumer goods
Market
Property rights
Utility theory
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Summary:Definitions of goods and services (goods) in standard economic text-books are criticised. Clearer definitions are made by linking the concept of intrinsic properties of goods to consumer utility theory and to the reality of the market place by using Lancaster’s “characteristics space”, the beliefs and attitudes of economic agents, and the “rights to use” which are the basis of property rights. All classes of goods are defined and a consistent explanation of advertising and branding is offered.
ISSN:0260-1079
2321-5305
DOI:10.1177/02601079X99001000202