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Institutions Hold Consumption on a Leash: An Evolutionary Economic Approach to the Future of Consumption

In: Demand, Complexity, and Long-Run Economic Evolution

Author

Listed:
  • Jason Potts

    (RMIT University)

Abstract

As first suggested by Keynes (1930), much thinking about the future of consumption starts with claims about future income, technology or demographics, perhaps concocted in a growth model, and then considers what consumption will look like, as a separate question, given those priors. A different approach starts one step further back with inquiry into the type of institutions that would produce such evolutionary growth. You then ask how those same institutions would shape consumption. I argue that the future of consumption depends on income and innovation, which themselves depend on the evolution of institutions. I suggest that this is an evolutionary economic approach to the future of consumption.

Suggested Citation

  • Jason Potts, 2015. "Institutions Hold Consumption on a Leash: An Evolutionary Economic Approach to the Future of Consumption," Economic Complexity and Evolution, in: Andreas Chai & Chad M. Baum (ed.), Demand, Complexity, and Long-Run Economic Evolution, pages 37-50, Springer.
    • Handle: RePEc:spr:eccchp:978-3-030-02423-9_3
    DOI: 10.1007/978-3-030-02423-9_3
    as

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