Ludwig von Mises Institute

Consumer good

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A consumer good is a good that is used directly by the consumer. Mises writes:

"Economic goods which in themselves are fitted to satisfy human wants directly and whose servicableness does not depend on the cooperation of other economic goods, are called consumers' goods or goods of the first order."[1]

Consumer goods are the goal of all production. Valuation refers only to consumer goods, "all other things are valued according to the part they play in production of consumers' goods."[1] A consumer good is contrary to a capital good or a producers good, which are used in the production of consumer goods.

Everything you use, from books to sheets to food, are consumer goods.

"Wage-goods"[edit]

In John Maynard Keynes's General Theory, he referred to consumer goods as wage-goods. This somewhat confusing term may therefore occasionally be seen when discussing Keynes's work.

References[edit]

  1. 1.0 1.1 Ludwig von Mises. IV. A First Analysis of The Category of Action, 1. Ends and Means, Human Action, online version, referenced 2011-02-05.

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