Positional goods and social welfare: a note on George Pendleton Watkins’ neglected contribution

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2 Citazioni (Scopus)

Abstract

Watkins's analysis of adventitious utility contains many aspects that are connected to the contemporary debate on positional goods. First, Watkins adventitious utility emerges from a process of social exclusion and can create negative externalities, in the sense that positive consumption of one individual implies negative consumption by another individual. Not only it creates negative externalities on other individuals, but it can initiate a race-to-the-bottom, where individuals waste an increasing amount of money on goods which do not possess any real utility.
Lingua originaleEnglish
pagine (da-a)460-472
Numero di pagine13
RivistaEUROPEAN JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT
Volume25
Stato di pubblicazionePublished - 2018

All Science Journal Classification (ASJC) codes

  • ???subjectarea.asjc.1200.1200???
  • Economics, Econometrics and Finance (miscellaneous)
  • History and Philosophy of Science

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