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Erschienen in:
2014 | OriginalPaper | Buchkapitel
11. The Theory of Demand
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Abstract
In Chap. 4 we saw that, according to the traditional economic worldview, the sole purpose of economic life is to produce goods for purchase by consumers. Producing the right goods in the right amounts, with the characteristics consumers desire, is what an efficient economy should be doing as much of the time as possible. Clearly, in order to translate this broad objective into specific policies we require a theory of the consumers themselves: what governs the choices they make and how their individual decisions in the marketplace affect their ultimate well-being.