The Irresistible Fetish of Utility Theory: From “Pleasure and Pain” to Rationalising Torture
Giovanni Dosi () and
Andrea Roventini ()
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Giovanni Dosi: Institute of Economics
Intereconomics: Review of European Economic Policy, 2016, vol. 51, issue 5, 286-287
Abstract This note briefly examines the path that the economics discipline has taken since adopting the assumption that human behaviour is exclusively driven by utility maximisation. This view has prevented the full comprehension of most economic phenomena and has spread to other social disciplines, occasionally leading to results either ridiculous or tragic, such as using utility theory to rationalise torture. Such academic absurdity must be ended.
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