It is difficult to overstate the importance of personal consumption
both to individual consumers and to the economy. While
consumer&, are recognized as valuing market goods and services
for the activities they can construct from them in the frameworks
of several disciplines, consequences of the characteristics of
goods and services they use in these activities have not been well
studied. In the discourse to follow, I will contrast
knowledge-yielding and conventional goods and services as factors
in the construction of activities that consumers engage in when
they are not in the workplace. Consumers will be seen as deciding
on non-work activities and the inputs to these activities according
to their objectives, and the values and cumulated skills they hold.
I will suggest that knowledge content in these activities can be
efficient for consumer objectives and also have important
externalities through its effect on productivity at work and
economic growth. The exposition will seek to elaborate these points
and contribute to multi disciplinal dialogue on consumption. It
takes as its starting point the contention that consumption is
simultaneously an economic and social psychological process and
that integration of content can contribute to explanation."
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