Fifteenth International Conference on Interdisciplinary Social Sciences

Abstract

The society we live in is permanently changing. To encourage its development, we have to analyze the existent problems and find solutions. The primary variable that influences the development of our society is the economy, which depends on individuals, governments, and their needs. Thus, we have given economics the task to study “how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs, trying to determine how these groups should organize and coordinate efforts to achieve maximum output” (Chappelow, 2019). As a result, economics is becoming more and more present in our life. In 2018 Gary Miles sustained that economics has an impact over different aspects of our life, like the price of the products, debt, and income, consumer confidence, savings and rates, taxation (Miles, 2018). Considering the Economics interest for consumer confidence, we come with the idea that economics focus on competition and consumer creates a research cycle with mutual influences. In the first part of the paper, we analyze economic influences over the competition field with a comparative analysis of (Porter, 1998), (Meyer, Peck, Stenason, Zwick, 1976), (Gaynor, 2006) highlighting the effects the findings may have on the consumer. Then, concentrating on (Deaton, Muellbauer, 1980), (DiClemente, Hantula, 2003), (Ratchford, 2001), (Bertola, Disney, Grant, 2006) papers, we provide a few observations of economics on the consumer, which can change the competition rules, ideas and policies. Following the above observations, we illustrate the main contributions of economics to social welfare.