Toward a Reconstruction of Utility and Welfare Economics

Murray Rothbard
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Murray Rothbard: Classics of Economics series

Ekonomicheskaya Politika / Economic Policy, 2009, vol. 2, 128-147

Abstract: The phenomenon of an individual assessment of benefits is the cornerstone of economic theory, the principal feature of which is that this theory does not deal with material objects (things). Economic theory examines the logical properties of individual assessment and investigation of their existence. Of course, the "things" are also elements of the picture, since there can be no assessment of what is subject to evaluation. However, the essence and the driving force of human activity, and hence the market economy as a specifically human phenomenon is rooted in the assessments of individuals. The action is the result of a variety of options to choose from, and this selection reflects the values, that is, an individual preference to any of them.

Keywords: utility economics; welfare; classics of economics (search for similar items in EconPapers)
Date: 2009
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