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Conclusions: The Need for a Products Policy

In: Consumer Choice in the Third World

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  • Jeffrey James

Abstract

This book began by noting that economics has traditionally been concerned with optimisation in production rather than optimisation by the individual consumer. The reason for this was found to lie in its reliance on the traditional theory of demand which, virtually by definition, robs the question of consumer optimisation of almost all of its interest. The characteristics approach to demand theory offers a more promising framework especially if, as Lancaster claims, consumption efficiency is a necessary condition for maximum welfare. But because of ‘satisficing’ behaviour by consumers, search and combination costs, as well as the cognitive complexity associated with the utility function assumed by Lancaster, consumption efficiency is not always a necessary condition for maximum welfare.

Suggested Citation

  • Jeffrey James, 1983. "Conclusions: The Need for a Products Policy," Palgrave Macmillan Books, in: Consumer Choice in the Third World, chapter 9, pages 155-165, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-06109-9_10
    DOI: 10.1007/978-1-349-06109-9_10
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