a more complex economic model for taste and consumption was proposed by economist thorstein veblen. he challenged the simple conception of man as plain consumer of his utmost necessities, and suggested that the study of the formation of tastes and consumption patterns was essential for economics. veblen did not disregard the importance of the demand for an economic system, but rather insisted on rejection of the principle of utility-maximization. the classical economics conception of supply and demand must be therefore extended to accommodate a type of social interaction that is not immanent in the economics paradigm.