Consumers in the Knowledge-Based Economy (KBE): What creates and/or constitutes consumer vulnerability in the KBE?

Abstract

We reflect on the issues which emerged from an interdisciplinary workshop held under the aegis of the Institute for Advanced Studies (IAS), Lancaster University in April 2006 about the Knowledge-Based Economy (KBE). The workshop addressed the question: What creates or constitutes consumer vulnerability in the KBE within the context of financial services? Discussion revolved around four themes: Firstly, setting debates about KBE in a historical context; secondly, identifying the disciplinary perspective for constructing the consumer (e.g., economic, legal); thirdly defining vulnerability without encompassing more than 70% of the population; and finally evaluating the government’s role in consumer welfare and education in the KBE. Directions for future research were identified.