Institutions hold consumption on a leash: an evolutionary economic approach to the future of consumption

Jason Potts

Journal of Evolutionary Economics, 2017, vol. 27, issue 2, No 3, 239-250

Abstract: Abstract As first suggested by Keynes (1930), much thinking about the future of consumption starts with claims about future income, technology or demographics, perhaps concocted in a growth model, and then considers what consumption will look like, as a separate question, given those priors. A different approach starts one step further back with inquiry into the type of institutions that would produce such evolutionary growth. You then ask how those same institutions would shape consumption. I argue that the future of consumption depends on income and innovation, which themselves depend on the evolution of institutions. I suggest that this is an evolutionary economic approach to the future of consumption.

Keywords: Consumption; Innovation; Institutions; Keynes (search for similar items in EconPapers)
Date: 2017
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DOI: 10.1007/s00191-015-0437-1

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