Konsum und Ökonomik. Grundlagen, Kritik und Perspektiven

Consumption and Economics. Foundations, Criticism, and Perspectives

Reinhold Hedtke

MPRA Paper from University Library of Munich, Germany

Abstract: This work is primarily concerned with how and on what foundations microeconomic theory constructs consumption and what consequences this has for the economic understanding of consumption. The question is whether the conceptual foundations of standard economic theo-ry of private households are sufficient to underpin an economic theory of consumption. Even if this were the case, one would still conclude that an economic theory of consumption alone remains unsatisfactory, since consumption, as a thoroughly social phenomenon, can only be adequately explained if an integrated social science theory of consumption is developed. However, we are obviously still a long way from this. In order to come closer to this goal, it must be clarified whether a purely economic and, above all, which economic theory of con-sumption is compatible with social science. This study therefore aims to provide a fundamental analysis that systematically and coherent-ly examines the foundations and basic concepts of standard economic ‘consumption’ theory. It is assumed that these foundations, as currently formulated in standard economics, are in-sufficient for a theory of consumption. The critical analysis should therefore also lay the groundwork for a new start in consumption theory, one that frees itself from the price and equilibrium theory shackles of standard economics and attempts to uncompromosingly place ‘complete’ consumption, rather than just demand or household production, at the centre of theoretical analysis.

Keywords: consumption theory; microeconomics; standard economics; economics of conventions; methodological individualism; theory of the economic actor; need; utility; preferences; new household economics (search for similar items in EconPapers)
JEL-codes: D11 D13 (search for similar items in EconPapers)
Date: 2001
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