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Extra resources for Causes of Growth and Stagnation in the World Economy (Raffaele Mattioli Lectures)
His or her behaviour is not, apparently, influenced by others. He or she has no need to experiment but, given the same products, prices and income, would continue to consume in the same way indefinitely. In that sense he or she has little need of variety, though the standard assumption of convexity in consumer theory will tend to mean that the consumer consumes a collection of different goods, and does not just consume one good to the exclusion of all others. In short, he or she is probably not very exciting company.
10 This has something in common with the work of Granovetter and Soong (1986) from sociology and Miller et al. (1993) from marketing. References Akerlof, G. (1997), ‘Social distance and social decisions’, Econometrica, 65 (5), pp. 1005–27. , and Kiefer, N. (1995), ‘Local externalities and societal adoption of technologies’, Journal of Evolutionary Economics, 5, pp. 103–17. Arthur, W. B. (1989), ‘Competing technologies, increasing returns, and lock-in by historical events’, Economic Journal, 99, pp.
2000), Eating Out: a study in the sociology of consumption, Cambridge, Cambridge University Press. Wellman, B. , and Berkowitz, S. (eds), Social Structures: a network approach, second edition, Greenwich CT, Jai Press. Wilska, T-A. , and Warde, A. (eds), Ordinary Consumption, Reading, Harwood Press. 3 There’s more to the economics of consumption than (almost) unconstrained utility maximisation G. M. Peter Swann This chapter was written in response to the presentation given at the CRIC workshop by Warde (Chapter 2 in this book).
Causes of Growth and Stagnation in the World Economy (Raffaele Mattioli Lectures) by Nicholas Kaldor