Responsible consumption choices and individual values: an algebraic interactive approach

Syed Sibghatullah Shah () and Tariq Shah ()
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Syed Sibghatullah Shah: Quaid-I-Azam University
Tariq Shah: Quaid-I-Azam University

Mind & Society: Cognitive Studies in Economics and Social Sciences, 2023, vol. 22, issue 1, No 1, 32 pages

Abstract: Abstract This paper develops an algebraic formulation summarizing various forms of socioeconomic interaction in and across individuals, groups, corporations, and states. The proposed articulation accelerates the understanding that coordination among economic agents leads to the efficient allocation of resources in society. The study considers an approach whereby the State has a regulatory role which helps attain responsible consumption and production choices (RCP). This study has the potential to encourage the use of resources in a way that promotes RCP decisions based on an understanding of values. The fundamental structure of socioeconomic interaction is described in work using finite algebra. It presents how governance structure comprising intra- and interactions involving the State, corporation, groups, and the individual will attain (RCP). The prevailing economic structures functioned lower than the projected level, with enormous damage to the environment. It is deduced that the final level of the economy depends crucially on the initial injection of socioeconomic actions. Furthermore, diverse socioeconomic position patterns are possible depending on the nature of activity impulses undertaken at different levels. The world needs to decouple environmental degradation from economic growth to evolve towards a sustainable and collectively inclusive economy. For that purpose, mutual trust-based coordination among all stakeholders is vital to attain sustainable objectives.

Keywords: Socioeconomic interaction; Society; Individual values; Responsible consumption and production (RCP); Resource management; Economic growth; Mutual trust (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s11299-023-00294-2

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