On The “Scientificity” Of Microeconomics: Individual Demand, And Exchange-value Determination

Dominique, C-Rene (2017): On The “Scientificity” Of Microeconomics: Individual Demand, And Exchange-value Determination.

Abstract

SUMMARY: This note examines how the concept of utility has led neo-classical economists astray. It first briefly reviews the thoughts of the early pioneers who have engaged these economists on the utility trail. It next scrutinizes the requirements imposed on the preference set of the consumer in view of extracting a utility function having anticipative properties. Then it shows how set theory can solve the dynamic exchange process and value determination without any need for a utility function.

• Item Type: MPRA Paper
• Language: English
• Keywords: KEYWORDS: Utility, Preference, Well-Ordered Sets, Ordinal Space, Binary Relation, Order-isomorphism.
• Subjects: D - Microeconomics > D1 - Household Behavior and Family Economics > D11 - Consumer Economics: Theory; D - Microeconomics > D1 - Household Behavior and Family Economics > D12 - Consumer Economics: Empirical Analysis

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