Overvalued and Underestimated. Veblen’s Contribution to the Analysis of (un-)Sustainable Consumption

Sylvia Lorek ()
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Sylvia Lorek: Sustainable Europe Research Institute SERI Germany

European Journal of Economic and Social Systems, 2014, vol. 26, issue 1-2, 149-172

Abstract: Veblen’s concept of conspicuous consumption is often cited to explain why consumption habits in our consumer societies tend to be unsustainable and ever increasing. However, much more than blaming individual consumption habits Veblen sharply analyzed quite some of the societal and economic forces which drive the framework conditions for unsustainable consumption: the vested interests and the absentee ownership. The paper follows the path Veblen’s thoughts have taken trough economic and social literature over the last centuryand highlights how the actual sustainable consumption debate could make better use of Veblen’s insights e.g. in requesting the constitutive institutions for property. Opportunities for Strong Sustainable Consumption obviously presuppose radical changes, social innovations and thinking out of the box.

Keywords: Veblen; vested interests; sustainable consumption; structural change (search for similar items in EconPapers)
JEL-codes: B00 B31 F63 I00 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:ris:ejessy:0015

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