Consumption in a vacuum

Abstract

In recent years, economics has paid increasing attention to the phenomenon of consumption. Insights from outside of the mainstream and from outside of economics proper have found inroads as well. Largely neglected in previous decades, consumption theory in economics was the exclusive domain for technical discussions only for a long time, as the articles selected by the late Kevin Lancaster show. Consumption of many goods is, however, highly symbolic—consumption behavior is in large part about institutionalized communication where instrumental considerations do not necessarily play an important role. Some of the most promising ideas that can be developed further in economics to better understand consumption behavior are presented.