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The design of new policies in the global economy and society: The case of star markets and cultural change


  • Koutsobinas, Theodore


This paper summarizes the alternative policy paths that can be followed for the correction of economic, social and cultural problems associated with the emergence of the phenomenon of star markets and excess consumption in developed economies. The phenomenon of star markets is relatively new but has received considerable attention lately since it is exacerbated by the spread of processes associated with globalization. The analysis is conducted in terms of an interdisciplinary framework that spans from Economics to Anthropology and of an attempt to bridge American pragmatism with European radical accounts of the phenomenon. I conclude that if redistribution policies are followed, there is a potential for a welfare benefit of cultural change across different classes of the population.

Suggested Citation

  • Koutsobinas, Theodore, 2003. "The design of new policies in the global economy and society: The case of star markets and cultural change," MPRA Paper 38422, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:38422

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    References listed on IDEAS

    1. R. Glenn Hubbard & Jonathan S. Skinner, 1996. "Assessing the Effectiveness of Saving Incentives," Books, American Enterprise Institute, number 53540, September.
    2. Veblen, Thorstein, 1899. "The Theory of the Leisure Class," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1899.
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    More about this item


    star markets; conspicuous consumption; distribution; culture change;

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
    • Z1 - Other Special Topics - - Cultural Economics
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • D10 - Microeconomics - - Household Behavior - - - General
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification


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