Structure of consumption and economic development: the nature of the relationship
Abstract
This paper examines the role of the personal consumption structure in the processes of economic growth and cyclic recurrence. The important to the neoclassical synthesis thesis that consumer actions leading to maximization of subjective satisfaction, create preconditions for economic growth regardless of the institutional structure in society has been criticized. A comparative analysis of the social conditions that affect the role of individual consumption in the process of accumulation of human capital in the three stages of the industrial market economies was done. Including such as the nature of the distribution of income and sources of individual consumer budgets. Hypothesised that the development of consumer credit and an increase of government social programs weaken the positive impact of the expansion of consumer opportunities to improve the quality of human resources. It is proposed to distinguish the stages of development of the economic system, according to patterns of relations between production and consumption. Identified specific features of a modern system of consumption relations, causing an imbalance of consumer standards and production capabilities of society.
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For citations:
Kudinova A.V. Structure of consumption and economic development: the nature of the relationship. World of Economics and Management. 2014;14(1):5-14. (In Russ.)
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