RETROSPECTIVE ANALYSIS OF THE PROBLEMS OF DEVELOPMENT OF THE THEORY OF CONSUMER CHOICE AND DEMAND
The stages of development of the theory of consumer choice and demand are considered from the perspective of retrospective analysis (up to the mid-twentieth century). Found out that the problem of development of the theory of consumer choice and demand in the period under review was associated with the following key dilemmas: finding the best option between cardinal and ordinal approach to evaluating the utility of wealth; finding the relationship between the individual and the group (market) demand, taking into account their mutual influence; with the contradictions of changing demand by increasing the price of the goods. It is shown that the classical theory of consumer choice and demand, formed in pre-industrial and early industrial era (for which there is a untapped market typical of a market dominant seller over the consumer) does not take into account the peculiarities of consumer choice and demand in modern conditions of a saturated market.