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Consumption Takes Time: Implications for Economic Theory (The Graz Schumpeter Lectures Book 4)

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Consumption Takes Time: Implications for Economic Theory (The Graz Schumpeter Lectures Book 4)

4.85 52,580 ratings · 3,789 reviews
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Overview: Standard economic theory of consumer behaviour considers consumers' preferences, their incomes and commodity prices to be the determinants of consumption. However, consumption takes time and no consumer has more - or less - than 168 hours per week. This simple fact is almost invisible in standard theory, and takes the centre stage in this book. Whether one is 'money-rich but time-poor' or is 'money-poor and killing time', both money and time considerations matter. Recognition that consumers are subject to both time and expenditure constraints makes a real difference to the economic theory of consumption. 'Two-constraint' theory is genuinely different in various respects from the familiar one-constraint theory. Income effects, substitution effects etc. have to be reconsidered, expenditure functions have to be redefined, and the results are sometimes surprising. It is not only the positive theory of consumption and labour supply that must be reworked, welfare economics too changes significantly when time constraints on consumption are given their proper due. The focus on time not only changes the comparative states of consumer theory, but it also overcomes some of the more artificial barriers between social theory and practical, everyday matters of altruism and interpersonal decision taking.

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Published March 29, 2001
ISBN 20174887
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Ian Steedman writes contemporary fiction and has always been fascinated by character-driven stories. They hold a degree in English Literature and previously worked as an editor before transitioning to writing their own books. Ian Steedman lives with their spouse and a very vocal rescue cat.

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Joseph Martinez
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I was completely blown away. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author.
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Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author.
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Exceeded all my expectations. I adored how the story unfolded. It kept me captivated without sacrificing elegance. Worth every moment spent reading.
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Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem.
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Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author.
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Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre.
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Honestly one of the most premium reading experiences lately. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. A true literary gem.
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Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars.
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Took a moment to build, but the payoff was spectacular. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall.
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