IDEAS home Printed from https://ideas.repec.org/a/prf/journl/v13y2019i2p113-134.html
   My bibliography  Save this article

Economics of Productive Consumption as an Offshoot of Main Currents of Economic Theory

Author

Listed:
  • Radim Valencik

    (University of Finance and Administration, Faculty of Economic Studies)

  • Petr Wawrosz

    (University of Finance and Administration, Faculty of Economic Studies)

Abstract

This article presents economics of productive consumption (EPC) as a relatively new and forward-looking trend in economic theory that reacts to the modern expansion in services associated with the acquisition, retention, and application of human capital. This article explains the substance of EPC, including the question of how and in what way it goes beyond contemporary neoclassical economic paradigms. It demonstrates that EPC seeks to fi nd the general principles of human behavior, and yet also draws on current conditions. For this reason it compares the approaches used in EPC with those of classical and neoclassical economics, providing a view of how EPC is associated with other off shoots of neoclassical economics and why EPC is growing in the contemporary era.

Suggested Citation

  • Radim Valencik & Petr Wawrosz, 2019. "Economics of Productive Consumption as an Offshoot of Main Currents of Economic Theory," ACTA VSFS, University of Finance and Administration, vol. 13(2), pages 113-134.
    • Handle: RePEc:prf:journl:v:13:y:2019:i:2:p:113-134
    as

    Download full text from publisher

    File URL: https://www.vsfs.cz/periodika/acta-2019-2-01.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Lleras,Miguel Palacios, 2007. "Investing in Human Capital," Cambridge Books, Cambridge University Press, number 9780521039529, September.
    2. Milton Friedman, 1957. "Introduction to "A Theory of the Consumption Function"," NBER Chapters, in: A Theory of the Consumption Function, pages 1-6, National Bureau of Economic Research, Inc.
    3. Suen, Wing & Mo, Pak Hung, 1994. "Simple Analytics of Productive Consumption," Journal of Political Economy, University of Chicago Press, vol. 102(2), pages 372-383, April.
    4. Johansson,Per-Olov, 1991. "An Introduction to Modern Welfare Economics," Cambridge Books, Cambridge University Press, number 9780521356954, September.
    5. Loomes, Graham, 1999. "Some Lessons from Past Experiments and Some Challenges for the Future," Economic Journal, Royal Economic Society, vol. 109(453), pages 35-45, February.
    6. Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1.
    7. Bagrat Yerznkyan & Lily Gassner & Anna Kara, 2017. "Culture, Institutions, and Economic Performance," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 13(2), pages 71-80.
    8. Geoffrey M. Hodgson (ed.), 2007. "The Evolution of Economic Institutions," Books, Edward Elgar Publishing, number 12603.
    9. Steger, Thomas M., 2002. "Productive consumption, the intertemporal consumption trade-off and growth," Journal of Economic Dynamics and Control, Elsevier, vol. 26(6), pages 1053-1068, June.
    10. repec:mje:mjejnl:v:12:y:2017:i:2:p:71-80 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Svetlana L. Sazanova, 2020. "Theory of Consumer Behavior in Economic Science The aims of this article is to study the evolution of the theory of consumer behavior in economic science in the context of the ratio of rational and ir," ACTA VSFS, University of Finance and Administration, vol. 14(1), pages 24-31.
    2. Ondøej Roubal & Petr Wawrosz, 2020. "Predatory and Alternative Hedonism – Better Later than Now?," ACTA VSFS, University of Finance and Administration, vol. 14(2), pages 166-179.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ondřej Černík & Radim Valenčík & Petr Wawrosz, 2020. "Economics Of Productive Consumption And Multipoint Expansion Of Nash Bargaining Problem," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 14(1), pages 10-25.
    2. Stuart Holland & Andrew Black, 2018. "Cherchez la Firme: Redressing the Missing – Meso – Middle in Mainstream Economics," Economic Thought, World Economics Association, vol. 7(2), pages 15-53, November.
    3. Hiroaki Hayakawa, 2017. "Health-conscious consumer behavior," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 7(1), pages 1-31, April.
    4. Svetlana L. Sazanova, 2020. "Theory of Consumer Behavior in Economic Science The aims of this article is to study the evolution of the theory of consumer behavior in economic science in the context of the ratio of rational and ir," ACTA VSFS, University of Finance and Administration, vol. 14(1), pages 24-31.
    5. Chul‐Woo Kwon & Peter F. Orazem & Daniel M. Otto, 2006. "Off‐farm labor supply responses to permanent and transitory farm income," Agricultural Economics, International Association of Agricultural Economists, vol. 34(1), pages 59-67, January.
    6. Bunting, David, 2009. "The saving decline: Macro-facts, micro-behavior," Journal of Economic Behavior & Organization, Elsevier, vol. 70(1-2), pages 282-295, May.
    7. Jonathan Gruber & Aaron Yelowitz, 1999. "Public Health Insurance and Private Savings," Journal of Political Economy, University of Chicago Press, vol. 107(6), pages 1249-1274, December.
    8. Lang, Harald, 1987. "Herman Wold on Optimal Properties of Exponentially Weighted Forecasts," Working Paper Series 179, Research Institute of Industrial Economics.
    9. Brautzsch, Hans-Ulrich & Günther, Jutta & Loose, Brigitte & Ludwig, Udo & Nulsch, Nicole, 2015. "Can R&D subsidies counteract the economic crisis? – Macroeconomic effects in Germany," Research Policy, Elsevier, vol. 44(3), pages 623-633.
    10. Sadullah Çelik & Yasemin Özerkek, 2008. "Panel cointegration analysis of consumer confidence and personal consumption in the European Union," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 10(2), pages 161-168, February.
    11. repec:spo:wpecon:info:hdl:2441/f0uohitsgqh8dhk9814kl7606 is not listed on IDEAS
    12. Ricardo Barradas & Ines Tomas, 2023. "Household indebtedness in the European Union countries: Going beyond the mainstream interpretation," PSL Quarterly Review, Economia civile, vol. 76(304), pages 21-49.
    13. Alok Bhargava, 2006. "Modelling the Health of Filipino Children," World Scientific Book Chapters, in: Econometrics, Statistics And Computational Approaches In Food And Health Sciences, chapter 11, pages 153-168, World Scientific Publishing Co. Pte. Ltd..
    14. Iheonu O Chimere & Tochukwu Nwachukwu, 2020. "Macroeconomic determinants of household consumption in selected West African countries," Economics Bulletin, AccessEcon, vol. 40(2), pages 1596-1606.
    15. Klos, Alexander & Rottke, Simon, 2013. "Saving and Consumption When Children Move Out," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79786, Verein für Socialpolitik / German Economic Association.
    16. Christian Johnson & George G Kaufman, 2007. "Un banco, con cualquier otro nombre…," Boletín, CEMLA, vol. 0(4), pages 185-199, Octubre-d.
    17. Yi Wen, 2011. "Making sense of China’s astronomical foreign reserves," Working Papers 2011-018, Federal Reserve Bank of St. Louis.
    18. Nelson, Edward, 2017. "Reaffirming the Influence of Milton Friedman on U.K. Economic Policy," Working Papers 2017-01, University of Sydney, School of Economics, revised Feb 2017.
    19. Lorenzo Pozzi, 2003. "Tax Discounting in a High‐debt Economy," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(3), pages 261-282, July.
    20. Ciarlone, Alessio, 2011. "Housing wealth effect in emerging economies," Emerging Markets Review, Elsevier, vol. 12(4), pages 399-417.
    21. Barik, Debasis & Desai, Sonalde & Vanneman, Reeve, 2018. "Economic Status and Adult Mortality in India: Is the Relationship Sensitive to Choice of Indicators?," World Development, Elsevier, vol. 103(C), pages 176-187.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prf:journl:v:13:y:2019:i:2:p:113-134. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Magdalena Šebková (email available below). General contact details of provider: https://edirc.repec.org/data/vsfspcz.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.