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Consumer Rationality and Consumer Sovereignty

Author

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  • William Redmond

Abstract

Important social benefits of the market system are predicated on the assumption that consumers can effectively pursue their interest in the marketplace. Cause for concern exists to the extent that high consumption expenditures lead to relatively low levels of personal savings in the U.S. To the extent that they do, in fact, over spend, consumers appear to deviate from economic assumptions of rationality. This paper examines four conceptions of rationality (two variants of rational choice theory, institutionalism, and one derived from economic sociology), with a view to evaluating implications for consumer sovereignty under each. By explicitly accounting for differences among individuals, economic sociology appears to offer more realistic policy solutions.

Suggested Citation

  • William Redmond, 2000. "Consumer Rationality and Consumer Sovereignty," Review of Social Economy, Taylor & Francis Journals, vol. 58(2), pages 177-196.
    • Handle: RePEc:taf:rsocec:v:58:y:2000:i:2:p:177-196
    DOI: 10.1080/003467600402530
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    Citations

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    Cited by:

    1. Douglas Lamdin, 2008. "Galbraith on Advertising, Credit, and Consumption: A Retrospective and Empirical Investigation with Policy Implications," Review of Political Economy, Taylor & Francis Journals, vol. 20(4), pages 595-611.
    2. Shelley L. Koch & Joey Sprague, 2014. "Economic Sociology vs. Real Life: The Case of Grocery Shopping," American Journal of Economics and Sociology, Wiley Blackwell, vol. 73(1), pages 237-263, January.
    3. Maurie Cohen, 2011. "Is the UK preparing for “war”? Military metaphors, personal carbon allowances, and consumption rationing in historical perspective," Climatic Change, Springer, vol. 104(2), pages 199-222, January.

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