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Book Review Consumer Economics: Issues and Behavior Sharon A. DeVaney Author: Elizabeth B. Goldsmith Publisher: Prentice Hall ISBN: 978-013-159049-6 The author of Consumer Economics: Issues and Behav- Chapter 3 is titled “Consumer Theories and Development ior, Elizabeth Goldsmith, is a Professor at Florida State of a Model.” Theories included in this chapter are the the- University. In the preface, Dr. Goldsmith writes that much ory of reasoned action, prospect theory, theory of mental has happened since the first edition of Consumer Econom- accounting, and innovation theory. A second section of the ics: Issues and Behavior was published in 2004. One of chapter explains the framework for developing a model. the most important changes is the increased use of the In- The chapter concludes with a description of the consumer ternet. Another change is more information about personal power model which suggests a circular interaction among finance and how it relates to consumer issues. consumers, business, public policy, media, and consumer organizations. The book consists of 5 parts and 15 chapters. Each chapter begins with learning objectives and a vignette from a print Part 2: Consumer Protection or online source about a consumer issue that is relevant to Chapter 4, “Consumer Responsibilities, Redress, and the the chapter. The chapters conclude with a summary, key Law,” begins by discussing consumers’ responsibilities. points, key terms, discussion questions, E-resources, and The primary focus of the chapter is on pre-buying (how to references. prepare for a purchase) and post-buying (how to complain effectively). Also, there is a section on government con- Part 1: Consumer Perspectives sumer protection agencies and consumer law. Several legal Chapter 1 is titled “Consumers in a Changing World.” In terms are introduced such as breach of contract, fiduciary, this chapter, readers are motivated to think of consumption and garnishment. as a process that they can control through making choices that are beneficial to themselves and society. Helpful tools Chapter 5 is titled “Government Protection, Nongovern- in the chapter include a figure showing Maslow’s hierarchy mental Pro-Consumer Groups, and the Media.” In-depth of needs and a figure showing a demand curve. explanations are provided for institutions such as the Fed- eral Trade Commission, Consumer Product Safety Com- Chapter 2, “The Consumer Movement,” traces the evolu- mission, Food and Drug Administration, Securities and tion of the consumer movement from the late 1880s to the Exchange Commission, and others. The consumer power present. There are three boxes that highlight key consumer
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