Overview

A Quick Introduction

The concept of consumerism is not a new one. Originally defined as the process of enabling and engaging consumers more directly in selection and purchasing decisions, consumerism was — and is — a societal movement grounded in education and transparency of information.

The Science of Behavioral Economics

Classical economics holds that given facts and information, people will make rational, consistent decisions. But the rapidly emerging science of behavioral economics acknowledges that people sometimes make irrational decisions with harmful consequences.

However, there is evidence that human behavior can change. Consumerism 360° proposes that we can “nudge” people to help them make better decisions. By changing the context in which people make decisions, we can encourage them to make decisions that are in their best self-interest while also retaining their individual freedom of choice.

What is Consumerism 360°?