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The Role of Economics: Creating the Sustainable Rational Agent

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  • Madhavi Venkatesan

    (Bridgewater State University)

Abstract

How are consumption decisions made? Does demand drive supply, does supply drive demand, or is it a mixture of both? Do consumption decisions implicitly include our values or are our decisions made with an assumption that what we are consuming has already factored in the long-term best interests of human health and environmental well-being? These basic questions are often unaddressed in the introductory study of economics. Instead, assumptions related to consumption and production behavior, demand, and supply are embedded as representative of consumer and producer behavioral norms, typically with minimal discussion. Could implicit assumptions promote observable behavior rather than be indicative of it? If so, could increasing awareness of the role of embedded values in demand and supply influence behaviors of consumers and producers and thereby alter economic outcomes? These questions were addressed as part of an introductory economics course case study. The purpose of the study was to raise awareness of the implications of individual purchasing decisions and to specifically initiate students in self-evaluation of their individual values and the values embedded in their individual consumption behavior. The results of the study promote the view that increasing awareness of the holistic impact of consumption behavior may be a significant catalyst to promoting sustainability.

Suggested Citation

  • Madhavi Venkatesan, 2016. "The Role of Economics: Creating the Sustainable Rational Agent," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 22(2), pages 187-197, May.
    • Handle: RePEc:kap:iaecre:v:22:y:2016:i:2:d:10.1007_s11294-016-9573-0
    DOI: 10.1007/s11294-016-9573-0
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    References listed on IDEAS

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    1. Janet T. Knoedler & Daniel A. Underwood, 2003. "Teaching the Principles of Economics: A Proposal for a Multi-paradigmatic Approach," Journal of Economic Issues, Taylor & Francis Journals, vol. 37(3), pages 697-725, September.
    2. Herman E. Daly, 2014. "From Uneconomic Growth to a Steady-State Economy," Books, Edward Elgar Publishing, number 16030.
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    Cited by:

    1. Yang, David, 2018. "Has the arrival of Amazon altered the market structure for consumer electronic goods in Australia?," MPRA Paper 88153, University Library of Munich, Germany.

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