Fashion and Monopolistic Competition

Abstract

_r-THHE literature of fashion is voluminous, but, although much has been I written on its economic aspects, I have seen no adequate treatment of fashion in terms of monopolistic competition.' In this connection, style and fashion are not synonymous, although most writers use these words interchangeably. With reference to clothing, style is any distinctive mode of tailoring, while fashion is the style prevailing at any given time. A style evolves slowly and reflects the people's way of life; fashion is a chameleon, ever changing, never in vogue long enough to reflect basic tastes and habits. Frequent fashion changes artificially shorten the period during which a style prevails; fashion is a parasite on style. A slow change in styles represents a true human want; for people weary of sameness; but fashion changes create a high rate of obsolescence for many kinds of goods, of which the classic example is women's clothing.