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.
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