Theories of Consumption and Waste: Institutional Foreshadowings in Classic Writings
Author(s)
Stabile, Donald
Abstract
Classical economists Adam Smith, Jeremy Bentham, John Stuart Mill and Alfred Marshall were the first ones to criticize consumption based on personal tastes. It is shown that these economists viewed consumption based on whether it was good for society and emphasized the importance of a subsistence level of income, social efficiency and community values over the pursuit of individual happiness.
