Institutions Hold Consumption on a Leash: An Evolutionary Economic Approach to the Future of Consumption

Jason Potts ()
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Jason Potts: RMIT University

A chapter in Demand, Complexity, and Long-Run Economic Evolution, 2015, pp 37-50 from Springer

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: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:spr:eccchp:978-3-030-02423-9_3

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DOI: 10.1007/978-3-030-02423-9_3

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