The Learning Theory of Consumption
One application of Witt’s “naturalistic approach” to evolutionary economics is his theory of “Learning to Consume” (LTC, Witt 2001) that integrates a needs-based approach with elements of social cognitive psychology to explain long-run changes in economic demand. The theory emphasizes the interplay of need satiation, biologically-founded learning mechanisms, and an appreciation of limitations on individual cognitive ability to illustrate the motivational foundations that underlie the dramatic shifts in long-run consumption patterns. By arguing that the ultimate end of consumption behavior is the satisfaction of needs, LTC attempts to offer an alternative to the subjective value theory of economics.
Read more about this topic: Ulrich Witt
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