Taste formation in classical political economy

Thomas, Alex M. (2024) Taste formation in classical political economy. The European Journal of The History of Economic Thought, 32 (2). pp. 171-189.

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Abstract

Owing to the mainstream interpretation of classical economics as being supply-side, studies examining the analytical role of demand and consumption have been scarce. In this paper, I bring together such passages in Cantillon, Steuart, Smith and Ricardo and forge an analytical link between social tastes and consumption— an attempt at reconstructing a classical theory of taste formation. A classical theory of taste formation has as its foundation methodological holism—viewing social classes as the fundamental unit of analysis. Through a discussion of necessaries and luxuries in the above classical economists, the social division of commodities is highlighted. By drawing on social classes and the social division of commodities, it is seen that taste plays a critical role in the determination of economic growth by influencing consumption expenditure. Finally, it is demonstrated that taste is both a cause and consequence of foreign trade.

Item Type:	Article
Authors:	Thomas, Alex M.
Document Language:	Language English
Uncontrolled Keywords:	Classical economics, Taste formation, Consumption, Necessaries, Foreign trade
Subjects:	Social sciences > Economics
Divisions:	Azim Premji University - Bengaluru > School of Arts and Sciences
Full Text Status:	Restricted
Related URLs:	DOI
URI:	http://publications.azimpremjiuniversity.edu.in/id/eprint/5781
Publisher URL:	https://www.tandfonline.com/action/journalInformat...

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