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      Chapter

      Consumption and the Consumer Society
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      Chapter

      Consumption and the Consumer Society

      DOI link for Consumption and the Consumer Society

      Consumption and the Consumer Society book

      Consumption and the Consumer Society

      DOI link for Consumption and the Consumer Society

      Consumption and the Consumer Society book

      ByNeva Goodwin, Jonathan M. Harris, Julie A. Nelson, Pratistha Joshi Rajkarnikar, Brian Roach, Mariano Torras
      BookPrinciples of Economics in Context

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      Edition 2nd Edition
      First Published 2019
      Imprint Routledge
      Pages 28
      eBook ISBN 9780429438752
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      ABSTRACT

      Modern consumption must be placed in a historical context. Consumer sovereignty suggests that all economic production is ultimately driven by the preferences of consumers. If the economy is to promote well-being, all the goals must be taken into account. An economy that made people moderately happy as consumers but absolutely miserable as workers, citizens, or community members could hardly be considered a rousing success. Economists have traditionally defined consumers’ “problem” as how to maximize utility given their income constraints. Economists have developed a neoclassical model of utility that, like many economic models, is an abstraction from reality that is useful for illustrating a particular concept. Economists have traditionally assumed that having more options from which to choose can only benefit consumers, but research demonstrates that there is a cost to trying to process additional information. In fact, having too many choices can actually “overload” the ability to evaluate different options.

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