Unraveling the circular concept of utility

Christian Aspalter

Chapter 10 in Quantum Economics, 2025, pp 82-87 from Edward Elgar Publishing

Abstract: Economics has long been compared to religion. Here is one reason, and this reason is the star suspect of all economic misunderstandings and mischiefs: the circular concept of utility in economics. The author critiques the concept of utility (again, not for the first time, but the xth time, see John Elliot Cairnes, Irving Fisher, Ludwig von Mises, Gunnar Myrdal, Joan Robinson, etc.), as it is 100 percent subjective, not objective, and not additive in any way. That is, utility (in the words of Mises) is scientifically untenable. It is nonsensical if one thinks of it as being objective, which it is not, and if one thinks of it as being additive/theoretically meaningful, which it is not. All theories based on utility have fallen, that is, they have been fallible from their very outset. Most economists so far have not dared and do not dare to speak out about the consequences of this—not without first having a theory to replace neoclassical theory with. Well, at the end of this book, we will have such a theory (communication-based quantum economics)—which is: “neoclassical economics is dead.” To be more precise, it is still walking proudly, but it is dead; it just refuses to accept the reality of operating with non-scientific concepts and untenable theoretical elements/foundations, and all the concepts and theories that are based/built thereon. There is no more valid and demonstrative example than this for the workings of normal science, in Thomas Kuhn's theory of science.

Keywords: Circular concept of utility; Ludwig von Mises; John Elliot Cairnes; Irving Fisher; Gunnar Myrdal; Joan Robinson (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035366804
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