RETHINKING BASIC NECESSITIES IN CONSUMER BEHAVIOUR: CONCEPT AND PROPOSITIONS

Back to Page Authors: Emmanuel Quarshie

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Keywords: necessity, consumer behavior, economics, luxury

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Abstract: The fundamental concept in economics considers basic necessity as a sine qua non for existence to every economic agent, under demand and supply theories. This subject matter cannot be underrated within the 21st-century Economics discourse, given the changing patterns of human needs amidst the high level of technological advancement and globalization. In that respect, basic necessities transcend beyond the solitary classification of goods and services to incorporate other aspects of necessity which lack credence. This paper first, introduces the new concept of necessity; proceeds to outline, and thoroughly discussed four (4) main propositions of necessity. The paper argued that what becomes a necessity is subjective; necessity changes over time and space. Finally, we deduced the life cycle hypothesis of necessity. The study contributes to the economic discipline in the field of consumer behavior, by providing a new concept to empirically assess policy-relevant issues within the political economy.

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