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Consumer sovereignty is defined in the Macmillan dictionary of modern economics as: [7] The idea that the consumer is the best judge of his or her own welfare. This assumption underlies the theory of consumer behaviour and through it the bulk of economic analysis including the most widely accepted optimum in welfare economics, the Pareto optimum.
According to this analogy, consumers vote for "winners" and "losers" with their purchases. This argument was used to explain market allocations of goods and services under the catchphrase "consumer sovereignty". [citation needed] Consumer boycotts sometimes aim to change producers' behaviour. The goals of selective boycotts, or dollar voting ...
Sovereignty can generally be defined as supreme authority. [1] [2] [3] Sovereignty entails hierarchy within a state as well as external autonomy for states. [4]In any state, sovereignty is assigned to the person, body or institution that has the ultimate authority over other people and to change existing laws. [5]
The doctrine of consumer sovereignty is applied to the provision of social goods in so far as the consumer buys national defence, police service, fire protection and electricity or water supply from the public sector of his own choice and according to the benefits received just as he buys food, clothes, fuel, tooth brushes and automobiles from ...
Satellite states are states that have de facto sovereignty but are often indirectly controlled by another state. Definitions of a state are disputed. [ 6 ] [ 7 ] According to sociologist Max Weber : a "state" is a polity that maintains a monopoly on the legitimate use of violence , although other definitions are common.
A few states did meet the interest payments toward the national debt owed by their citizens, but nothing greater, and no interest was paid on debts owed foreign governments. By 1786, the United States was facing default on its outstanding debts. [32] Under the Articles, the United States had little ability to defend its sovereignty.
Consumer Bill of Rights § The right to choose – Guidelines for consumer protection; Consumer choice – Aspect of economics; Consumer sovereignty – Economic consumer theory; Equal opportunity – State of fairness in which individuals are all treated the same (with justified exceptions) Externality – In economics, an imposed cost or benefit
Global Competitiveness Index (2008–2009): competition is an important determinant for the well-being of states in an international trade environment. Economic competition between countries (nations, states) as a political-economic concept emerged in trade and policy discussions in the last decades of the 20th century.