CONSUMER IN THE THEORY AND ECONOMIC PRACTICE: ECONOMICS – PSYCHOLOGY – LAW

Abstract

Aim of the article is to point at institutional implications of the consumer theory originated from various theoretical approaches. Theories being under scrutiny are: neoclassical theory of consumer which is situated in the core of the mainstream economics; models of psychological economics; neoinstitutional and postkeynesian approach to consumer behaviour. The author try to derive implications of theories mentioned above for law and other social institutions. Then they are confronted with existing consumer protection legislation which is treated as a practical dimension of consumer behaviour. This confrontation is a kind of empirical verification of the theories. The author tried to point at two main issues. On one hand the investigation indicates a dramatic discrepancy between assumptions of neoclassical theory and implicit consumer model stemmed from the consumer protection law. On the other hand it could be observed convergence of law consumer model and alternative approaches to consumer behaviour (economical psychology, neoinstitutionalism, postkeynesism). In the author’s opinion this convergence indicates a desirable direction of development of microeconomic theory of consumer behaviour.