Rethinking Economic Evolution
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Rethinking Economic Evolution

Essays on Economic Change and its Theory

Ulrich Witt

Modern economies never come to rest. From institutions to activities of production, trade, and consumption, everything is locked in processes of perpetual transformation – and so are our daily lives. Why and how do such transformations occur? What can economic theory tell us about these changes and where they might lead? Ulrich Witt’s book discusses why evolutionary concepts are necessary to answer such questions. While economic evolution is in many respects unique, it nonetheless needs to be seen within the broader context of natural evolution. By exploring this complex relationship, Rethinking Economic Evolution demonstrates the significance of an evolutionary economic theory.
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Chapter 10: The dynamics of consumer behavior and the transition to sustainable consumption patterns

Ulrich Witt

Abstract

Strong growth in disposable income has driven, and is still driving, consumption to unprecedented, but not sustainable levels. To explain the dynamic interplay of needs, need satisfaction, and innovation underlying that growth a behavioral theory of consumption is suggested and discussed with respect to its implications for making a transition to more sustainable patters of consumer behavior.

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