Consumption and Development

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Conventional consumption theory is a part of demand analysis and as such belongs to positive economics, but it also lies at the very core of welfare economics, which is concerned with prescriptive or normative propositions. The principal theme of this book is that in its latter capacity, the value of consumption theory is greatly diminished by its inability to come to grips with - and hence to assess and influence - the changes that form part of the modernization process in developing countries.