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Theories of Consumption – The Persistent Influence of Past Consumption on Present Consumption Patterns

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  • Andreea Daniela Moraru

    (Ovidius University of Constanta)

Abstract

Ever since it has been proclaimed “as the sole end and purpose of all production” consumption has been performing an essential role in economic theory. Although consumption was approached by economists prior to Keynes, it is only in his work that consumption gained its due importance, starting with the famous formulation of the psychological law. Subsequently, several other theories brought consumption to the centre of the economic research the most widely acknowledged being the contributions brought by James Duesenberry, Milton Friedman, Franco Modigliani and Richard Brumberg. The aim of this paper is to analyse some of the most important theories of consumption from the perspective of the past influences on current consumption patterns. The notion is certainly easy to assimilate at an intuitive level, it is present in the economic theory, and may be rather conveniently applied to consumption.

Suggested Citation

  • Andreea Daniela Moraru, 2012. "Theories of Consumption – The Persistent Influence of Past Consumption on Present Consumption Patterns," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 596-599, May.
    • Handle: RePEc:ovi:oviste:v:xii:y:2012:i:12:p:596-599
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    More about this item

    Keywords

    consumption theory; consumption patterns; past consumption; persistent influence;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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