Social Economy and the Theory of Consumer Behaviour

By “social economy” I understand a revised approach to economic science which underpins its work by incorporating values from social philosophy to re‐interpret and re‐direct an important part of its positive enquiries. It is, if you prefer, an extended version of what some call “political economy”; but I do have in mind a re‐fashioning of economic science and not merely a meeting ground with political and social values. The foundations of economics need to be revised, if political and social economy are to consist of something other than informal encounters with values. Of course, many prefer to speak instead of “social economics” as an extension of economic science to deal with the more obviously social areas of economic enquiry while incorporating humanistic values. I respect this approach and accept entirely the importance of these enquiries, but have always felt that a more radical correction of the weak posture of economic science before our present social problems is essential to tackle them properly.