Bravo! to Clara at Liberty Belles for her pre-emptive exposure of what will surely be another instance of Bill Frist’s hypocrisy. (Precis: Senator Frist publicly questions the value of advertising of pharmaceutical products. Candidate Frist will surely advertise his merits for the presidency of the executive branch of the U.S. government.)
Advertising is one of the most misunderstood (and, hence, easily ridiculed) features of market economies. My favorite treatments of it are:
Robert B. Ekelund & David Saurman, Advertising and the Market Process (1988)
George Bittlingmayer, "Advertising".
Lee Benham, "The Effect of Advertising on the Price of Eyeglasses," Journal of Law & Economics, Vol. 15, October 1972, pp. 337-352.
Chapter 4 of Israel M. Kirzner, Competition and Entrepreneurship (1973).
