A Theory Of Consumption – Hazel Kyrk

Description

Hazel Kyrk was one of the pioneers who shifted the focus of economic studies from production to the consumer. Blending aspects of sociology and psychology with economics, she showed that consumer behaviour is deeply rooted in their social spaces – their family, education, society, culture, institutions, work and income as much as it derives from individual choices. A person’s idea of necessities and luxuries is influenced by their upbringing, community and occupations.

The industrialized world has only gone on to expand the range of choices available and ended up creating the pressure to consume. The concept of ‘standard of living’ is highly subjective but has become the socially accepted pattern of buying certain goods and services that are necessary to maintain certain standards. Whether to choose productive consumption that improves human capability or revel in wasteful consumption that is merely a display of wealth is for the consumer to decide.

Ahead of her times, Hazel laid the foundation for consumer economics, and her work went on to be used for studies on standards of living, household behaviour and effectively, public policy. This book, published first in 1923 as Kyrk’s dissertation, is over a century old and yet applies perfectly to the times we live in today.