Consumers

In the previous sections we examined the processes of production and circulation, laying out the foundations of their respective general theories. We now turn to the central questions of a general theory of economic consumption. In Economics, the theme has scarcely been considered from a theoretical standpoint. Consumption is taken into account as a relevant economic variable, but in a very restricted sense – as “consumer spending” – as opposed to savings and accumulation. At the micro-economic level, the focus has been on consumer behavior in an effort to understand consumers’ disposition to spend, in relation to their drive to accumulate revenue and wealth, as well as the way variations in price affect spending.