Retrospectives: consumer sovereignty

Article Abstract:

Consumer sovereignty is a long-asserted classical economic concept that supports the primacy of consumption. However, according to William Harold Hutt's definition in his 'Economists and the Public: A Study of Competition and Opinion,' consumer sovereignty is analogous to voting rights. While this remains problematic, the approach addresses the issue of consumer preference without requiring any assumptions on the rationality od consumers. Moreover, Hutt brings out the political aspect of equity by requiring state economic intervention.

Laws, regulations and rules, Finance, Political aspects, Consumption (Economics), Consumer preferences, Maternal and infant welfare, Infant welfare, Maternal welfare, Child support, Illegitimate children, Hutchinson, Tim

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Retrospectives: the ethology of Homo Economicus

Article Abstract:

The origin of the so-called 'economic man' is discussed. The history of economic words and ideas is addressed with the hope that the dialogue of economists would be deepened and at the same time shed light on ongoing questions. A review of the origin and natural history of economic man is given to help clear any conflicting assessments of his present status. In doing so, the works and essays of John Stuart Mill are cited.

History, Criticism and interpretation, Mill, John Stuart

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Retrospectives: Pareto's law

Article Abstract:

Vilfredo Pareto's Theory of Income Distribution states that human nature is the primary factor behind the inevitable tendency of income to be distributed in the same way. Pareto also asserted that it would be futile to change the pattern of income distribution since the basic forces governing it are too strong to be affected by society. Pareto's assertions have continued to draw widespread attention and criticism.

Economists, Income distribution, Pareto, Vilfredo

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