Needs and lexicography. A post keynesian theory of the consumer
DOI:
https://doi.org/10.26867/se.2022.v11i2.138Keywords:
human needs, lexicographical preferences, individual demanda, postkeynesian theoryAbstract
This article develops a non-orthodox theory of the demand for final goods, based on the hierarchy of needs and lexicographical preferences, according to the dominant relationship between the goods. It is shown that demand has a negative slope only as a result of the income effect and not of the substitution effect as held by neoclassical theory, it also shows that the price-demand elasticities correspond to the structure of satisfying needs and are not due to preferences individual. The theoretical conclusions have a strong implication to understand the relationship between the structure of consumption and the distribution of income.
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Copyright (c) 2022 Eloy Avalos Alvarado
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