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Consumption (economics)
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challenged and removed. (February 2008)

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Consumption is a common concept in economics, and gives rise to derived concepts such as
consumer debt. Generally, consumption is defined in part by opposition to production. But the
precise definition can vary because different schools of economists define production quite
differently. According to mainstream economists, only the final purchase of goods and services
by individuals constitutes consumption, while other types of expenditure — in particular, fixed
investment, intermediate consumption and government spending — are placed in separate
categories. See consumer choice. Other economists define consumption much more broadly, as
the aggregate of all economic activity that does not entail the design, production and marketing
of goods and services (e.g. "the selection, adoption, use, disposal and recycling of goods and
services").[citation needed]
Likewise, consumption can be measured by a variety of different metrics such as energy in
energy economics . The total consumer spending in an economy is generally calculated using the
consumption function, a metric devised by John Maynard Keynes, which simply expresses
consumption as a function of the aggregate disposable income. This metric essentially defines
consumption as the part of disposable income that does not go into saving. But disposable
income in turn can be defined in a number of ways - e.g. to include borrowed funds or
expenditures from savings.
[edit] See also
• Anthropological theories of value
• Classification of Individual Consumption by Purpose (COICOP)
• Consumer theory
• Consumerism
• Geoffrey Miller (evolutionary psychologist)
• I PAT
• List of largest consumer markets
• Miser
• Over-consumption
• Paradox of thrift
• Poverty
• Wealth
[edit] Notes
This article includes a list of references, related reading or external links, but its sources
remain unclear because it lacks inline citations. Please improve this article by introducing
more precise citations where appropriate. (March 2008)
[edit] References
• Bourdieu, Pierre (1984). Distinction: A Social Critique of the Judgement of Taste
(paperback). Cambridge: Harvard University Press. ISBN 0-674-21277-0. Also:.
Lincoln: London. 1984. ISBN 0-415-04546-0.
• Miller, Daniel (1998). A Theory of Shopping (paperback). Ithaca, N.Y: Cornell
University Press. ISBN 0-8014-8551-7.
• Slater, Don (1997). Consumer Culture and Modernity. Cambridge, UK: Polity Press.
ISBN 0-7456-0304-1.
• Friedman, Jonathan. Consumption and Identity (Studies in Anthropology & History).
Washington, DC: Taylor & Francis. ISBN 3-7186-5592-6.
• Mackay, Hugh (Editor) (1997). Consumption and Everyday Life (Culture, Media and
Identities series) (Paperback). Thousand Oaks, Calif: Sage Publications. ISBN 0-7619-
5438-4.
• Isherwood, Baron C.; Douglas, Mary (1996). The World of Goods: Towards an
Anthropology of Consumption (Paperback). New York: Routledge. ISBN 0-415-13047-6.
• Deaton, Angus (1992). Understanding Consumption. Oxford University Press. ISBN 0-
19-828824-7.
v · d · eConsumption

Consumption function · Final consumption expenditure · Instant gratification ·

Topics Intertemporal consumption · Random walk hypothesis · Autonomous consumption ·
Induced consumption

Absolute income hypothesis · Life cycle hypothesis · Permanent income hypothesis ·

Theories
Random walk model of consumption · Relative income hypothesis

Lists List of largest consumer markets

Categories: Macroeconomics | Consumer theory
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