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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. Published in: Theoretical and Practical Research in Economic Field , Vol. VIII, No. Winter 2017 (7 December 2017): pp. 105-110.

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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.

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