Individual choice and objective demand in a Classical framework

Antonio D’Agata

Metroeconomica, 2024, vol. 75, issue 1, 134-149

Abstract: Taking a cue from some passages of The Wealth of Nations, this paper defines notions of maximum willingness to pay and of individual surplus expressed in hours of labour for a two‐good pre‐capitalist economy. From the individual surplus, a consistent objective theory of individual choice is constructed, and a demand schedule free from subjective elements is derived.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:bla:metroe:v:75:y:2024:i:1:p:134-149

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