Journal Article
Underestimating advertising: innovation and unpriced entertainment
Abstract: Leonard Nakamura states that despite consumers? lack of respect for advertising, it nonetheless plays a significant role in the economy. For one thing, it helps consumers find out about new products, and new products have been rising in economic importance. It also plays a role in subsidizing broadcast entertainment and news programs. Ultimately, Nakamura shows that although advertising contributes to consumer welfare, its contribution is missing from our measures of output.
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Bibliographic Information
Provider: Federal Reserve Bank of Philadelphia
Part of Series: Business Review
Publication Date: 2005
Issue: Q4
Pages: 21-29