A classic treatise that defined the field of applied demand analysis, Consumer Demand in the United States: Prices, Income, and Consumption Behavior is now fully updated and expanded for a new generation. Consumption expenditures by households in the United States account for about 70% of America’s GDP. The primary focus in this book is on how households adjust these expenditures in response to changes in price and income. Econometric estimates of price and income elasticities are obtained for an exhaustive array of goods and services using data from surveys conducted by the Bureau of Labor Statistics and aggregate consumption expenditures from the National Income and Product Accounts, providing a better understanding of consumer demand. Practical models for forecasting future price and income elasticities are also demonstrated. Fully revised with over a dozen new chapters and appendices, the book revisits the original Houthakker-Taylor models while examining new material as well, such as the use of quantile regression and the stationarity of consumer preference. It also explores the emerging connection between neuroscience and consumer behavior, integrating the economic literature on demand theory with psychology literature. The most comprehensive treatment of the topic to date, this volume will be an essential resource for any researcher, student or professional economist working on consumer behavior or demand theory, as well as investors and policymakers concerned with the impact of economic fluctuations.

The economic background; Problems of estimation and projection; Demand equations for individual item of expenditure; Discussion of the demand equations and projections; An additive dynamic model; Evidence from the 1960-61 household survey; The dynamics of total consuption and saving.

In this signal work of history, Bancroft Prize winner and Pulitzer Prize finalist Lizabeth Cohen shows how the pursuit of prosperity after World War II fueled our pervasive consumer mentality and transformed American life. Trumpeted as a means to promote the general welfare, mass consumption quickly outgrew its economic objectives and became synonymous with patriotism, social equality, and the American Dream. Material goods came to embody the promise of America, and the power of consumers to purchase everything from vacuum cleaners to convertibles gave rise to the power of citizens to purchase political influence and effect social change. Yet despite undeniable successes and unprecedented affluence, mass consumption also fostered economic inequality and the fracturing of society along gender, class, and racial lines. In charting the complex legacy of our “Consumers’ Republic” Lizabeth Cohen has written a bold, encompassing, and profoundly influential book.

The developed countries, particularly the United States, consume a disproportionate share of the world's resources, yet high and rising levels of consumption do not necessarily lead to greater satisfaction, security, or well-being, even for affluent consumers. The Consumer Society provides brief summaries of the most important and influential writings on the environmental, moral, and social implications of a consumer society and consumer lifestyles. Each section consists of ten to twelve summaries of critical writings in a specific area, with an introductory essay that outlines the state of knowledge in that area and indicates where further research is needed. Sections cover: Scope and Definition Consumption in the Affluent Society Family, Gender, and Socialization The History of Consumerism Foundations of Economic Theories of Consumption Critiques and Alternatives in Economic Theory Perpetuating Consumer Culture: Media, Advertising, and Wants Creation Consumption and the Environment Globalization and Consumer Culture Visions of an Alternative This book is the second volume in the Frontier Issues in Economic Thought series, which provides surveys of the most significant writings in emergent areas of economics -- an invaluable aid in fast-growing fields where genuine new ground is being broken. The series brings together economists, sociologists, psychologists, and philosophers to develop analyses that challenge and enrich the dominant neoclassical paradigm. The Consumer Society is an essential guide to and summary of the literature of consumption and will be of interest to anyone concerned with the deeper economic, social, and ethical implications of consumerism.

Consuming with a conscience is one of the fastest growing forms of political participation worldwide. Every day we make decisions about how to spend our money and, for the socially conscious, these decisions matter. Political consumers "buy green" for the environment or they "buy pink" to combat breast cancer. They boycott Taco Bell to support migrant workers or Burger King to save the rainforest. But can we overcome the limitations of consumer identity, the conservative pull of consumer choice, co-optation by corporate marketers, and other pitfalls of consumer activism in order to marshal the possibilities of consumer power? Can we, quite literally, shop for change? Shopping for Change brings together the historical and contemporary perspectives of academics and activists to show readers what has been possible for consumer activists in the past and what might be possible for today's consumer activists.Contributors Kyle Asquith, University of Windsor; Dawson Barrett, Del Mar College; Lawrence Black, University of York; Madeline Brambilla, Northeastern University; Joshua Carreiro, Springfield Technical Community College, Springfield, MA; H. Louise Davis, Miami University; Jeffrey Demsky, San Bernardino Valley College; Tracey Deutsch, University of Minnesota–Twin Cities; Mara Einstein, Queens College, CUNY; Bart Elmore, University of Alabama; Sarah Elvins, University of Manitoba; Daniel Faber, Northeastern University; Julie Guard, University of Manitoba; Louis Hyman, ILR School, Cornell University; Meredith Katz, Virginia Commonwealth University; Randall Kaufman, Miami Dade College–Homestead Campus; Larry Kirsh, IMR Health Economics, Portland, OR; Katrina Lacher, University of Central Oklahoma; Bettina Liverant, University of Calgary; Amy Lubitow, Portland State University; Robert N. Mayer, University of Utah; Michelle McDonald, Stockton University; Wendy Wiedenhoft Murphy, John Carroll University; Mark W. Robbins, Del Mar College; Jessica Stewart, Cornell University;Joseph Tohill, York University and Ryerson University; Allison Ward, Queen's University and McMaster University; Philip Wight, Brandeis University

Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.