01:355:101 Lecture Notes - Lecture 2: Rent-Seeking

• School: Rutgers University
• Department: English Composition and Writing
• Course: 01:355:101
• Professor: Raia- Hawrylak

Document Summary

Supply and demand: if customers continue to buy a product, a company will continue to produce it to keep up with the need for the product. (stiglitz) Supply and demand & competition: profits and greed (moss) Loopholes- used to take money from individuals by bypassing other laws or orders. Marketing: directing pharmaceutical drugs towards people to get them to buy the product. Many companies did not want to go into other countries. Glaxosmithkline would have a monopoly over the market. Evolving marketing campaigns: (moss) make products seem good but instead they are not healthy or helpful. Toasted instead of fried (moss 272) lays potato chips; Changing packaging to appeal to certain audiences. Cognitive capture (stiglitz): companies thinking that they are helping customers but instead are actually hurting them. Ssri"s in japan/change language of how to talk about depression. It ok if they chose the product. As long as companies aren"t screwing them over intentionally.