Macroeconomics

Steven Rosefielde and Ralph W. Pfouts

Chapter 8 in Inclusive Economic Theory, 2014, pp 87-92 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Rational utilitarians from the late 18th century until the publication of John MaynardKeynes's path breaking treatise on The General Theory of Employment, Interest and Money took the position that economics understood as comprehensively rational utility-seekingwas universal andwould necessarily generate best ideal outcomes under prevailing natural constraints both in the short and long runs. Idealist theory required everyone to optimize in the present, and across all their futures. Irving Fisher showed precisely how this should be accomplished in his widely acclaimed treatise on The Theory of Interest through a process of “trading with the future” which assured that individual life time utility was not only maximized, but also optimized at every moment from cradle to the grave…

Keywords: Inclusive Economic Theory; Satisficing; Systems; Culture (search for similar items in EconPapers)
Date: 2014
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