An Evolutionary Theory of Household Consumption Behavior

Richard Nelson and Davide Consoli

MPRA Paper from University Library of Munich, Germany

Abstract: Evolutionary economics badly needs a behavioral theory of household consumption behavior, but to date only limited progress has been made on that front. Partly because Schumpeter's own writings were focused there, and partly because this has been the focus of most of the more recent empirical work on technological change, modern evolutionary economists have focused on the "supply side". However, because a significant portion of the innovation going on in capitalist countries has been in the form of new consumer goods and services, it should be obvious that dealing coherently with the Schumpeterian agenda requires a theory which treats in a realistic way how consumers respond to new goods and services. The purpose of this essay is to map out a broad alternative to the neoclassical theory of consumer behavior.

Keywords: Household Consumption Behaviour; Evolutionary Economics (search for similar items in EconPapers)
JEL-codes: D11 D83 O33 (search for similar items in EconPapers)
Date: 2010-01-22
New Economics Papers: this item is included in nep-cbe, nep-evo, nep-hpe and nep-mkt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (43)

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Journal Article: An evolutionary theory of household consumption behavior (2010)
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