From Convenience To Control: Behavioural Economics Meets Corporate Dominance

Influenced by the mechanism of psychological convenience and materialistic lures of the business apparatus, humans often fall prey to an intertwined monopoly of the firm sector, losing their oversee authorities and command. The research paper intends to analyse the confluence of psychology and economics, and how certain market scenarios lead to monopoly. The beginning illustrates psychological laws and cognitive effects, and their directly proportional functional relationship with consumption pattern and expenditure. Further, the methodology of data science and algorithms that trigger subconscious human actions, are deliberated upon. Subsequently, the research dives into the concept of manufactured consent and illusion of choice. In the third component, monopoly is elucidated along the lines of factual examples, and exacerbation of consumer exploitation due to monopoly is cited. The consecutive component entails a detailed thesis of monopoly in the Indian market and its consequences.