Limitations of Economic Theory

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Furthermore, the economic theory is grounded on the offer-demand correlations, whereas cultural identity product is not correlated to offer-demand balance. In contrast, the cultural identity products are capable to generate offer and demand. As a result, the cultural identity product is, to a significant, self-sufficient and, therefore, capable to stimulate demand and offer does not necessarily meet demand. The latter is particularly important because, in terms of economic theory, the balance between offer and demand is one of the essential conditions of the economic stability, whereas in case of cultural identity product, the offer should not necessarily match the demand. In stark contrast, the offer may target at the limited cultural group, whereas a number of subcultures can also emerge creating their own cultural identity products. As a result, the emergence of the cultural identity products is not dependent on the correlation of offer-demand and the balance of offer and demand is not essential for such products.

Social implications of private ownership of media are very significant. In fact, the cultural identity products cannot exist outside the society. At the same time, media are the means through which cultural identity products are promoted and delivered to the mass audience. In this regard, the private ownership of media affects consistently the development of the cultural identity products because private ownerships provides larger opportunities for presentation of diverse views and cultural perspectives, because private owners can present their own values and ideas through their media.

Private ownership contributes to the formation of diverse views on the development of messages and content of the media. On the other hand, the diversity of private media stimulates the cultural diversity. Nevertheless, it is due to this internal controversy, private owned media keep progressing and stimulate the emergence of new cultural identity products. At the same time, the private ownership of media contributes to the commercialization of mass media and culture that raises the problem of devaluation of fundamental social and cultural values of the society.

Thus, taking into account all above mentioned, it is important to place emphasis on the fact that the economic theory cannot be applied to the cultural identity products because they are different from conventional products, which are subjects to the study in terms of the economic theory.

Works Cited:

Hart, J.L. “Organizational Communication in an Age of Globalization: Issues, Reflections. Practices”. Business Communication Quarterly, 67, 2004, 43-52.

Robbins, R. Global Problems and the Culture of Capitalism. New York: Allyn and Bacon, 1999.

Russell, G. Introduction to Philosophy. New York: Random House, 2003.