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Society and brain: A complementary approach to Thorstein Veblen’s conspicuous consumer based on Tibor Scitovsky’s neuropsychology [Society and brain: A complementary approach to Thorstein Veblen’s conspicuous consumer based on Tibor Scitovsky’s neuropsychology]

Author

Listed:
  • Felipe Almeida

    (UFPR)

Abstract

The goal of this study is to complement Thorstein Veblen's conspicuous consumer approach to economics with Tibor Scitovsky's neuropsychological analysis. This is undertaken by exploring the psychological basis of both theories. Veblen's conspicuous consumer emulates the leisure class, which consumes what can be understood as the best goods of a society. These goods are associated with the concept of social satisfaction rather than physical satisfaction. Veblen's conspicuous consumer decision making is introduced here according to insights from the American pragmatic school of philosophy. On the other hand, Scitovsky introduced elements of neuropsychology to economics using an interdisciplinary approach that was understandable to economists as he sought a better comprehension of consumers' decision making. Scitovsky's psychological-economics approach was inspired by studies from Daniel Berlyne and Donald Hebb. In considering Scitovsky's approach, this study contributes to understanding the decision making of Veblen's conspicuous consumer.

Suggested Citation

  • Felipe Almeida, 2016. "Society and brain: A complementary approach to Thorstein Veblen’s conspicuous consumer based on Tibor Scitovsky’s neuropsychology [Society and brain: A complementary approach to Thorstein Veblen’s con," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 26(2), pages 347-367, May-Augus.
    • Handle: RePEc:nov:artigo:v:26:y:2016:i:2:p:347-367
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    References listed on IDEAS

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    1. Thorstein Veblen, 1909. "The Limitations of Marginal Utility," Journal of Political Economy, University of Chicago Press, vol. 17(9), pages 620-620.
    2. Felipe Almeida, 2014. "Thorstein Veblen and Albert Bandura: A Modern Psychological Reading of the Conspicuous Consumer," Journal of Economic Issues, Taylor & Francis Journals, vol. 48(1), pages 109-122.
    3. John Latsis, 2010. "Veblen on the machine process and technological change," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 34(4), pages 601-615.
    4. William Waller, 2009. "Thorstein Veblen," Chapters, in: Jan Peil & Irene van Staveren (ed.), Handbook of Economics and Ethics, chapter 73, Edward Elgar Publishing.
    5. Stephen Edgell & Rick Tilman, 1989. "The Intellectual Antecedents of Thorstein Veblen: A Reappraisal," Journal of Economic Issues, Taylor & Francis Journals, vol. 23(4), pages 1003-1026, December.
    6. Christian Cordes, 2005. "Veblen’s “Instinct of Workmanship,” Its Cognitive Foundations, and Some Implications for Economic Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 39(1), pages 1-20, March.
    7. Veblen, Thorstein, 1909. "The Limitations of Marginal Utility," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 17.
    8. Tibor Scitovsky, 1981. "The Desire For Excitement In Modern Society," Kyklos, Wiley Blackwell, vol. 34(1), pages 3-13, February.
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    12. Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
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    14. Felipe Almeida, 2015. "The psychology of early institutional economics: The instinctive approach of Thorstein Veblen's conspicuous consumer theory," Economia, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 16(2), pages 226-234.
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    More about this item

    Keywords

    Thorstein Veblen; Tibor Scitovsky; conspicuous consumption; institutional economics;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

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