Ethical and Political Non-Neutrality of Neoclassical Economics

M. Teresa Lunati
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M. Teresa Lunati: Bolton Institute

Chapter 4 in Ethical Issues in Economics, 1997, pp 59-70 from Palgrave Macmillan

Abstract: Abstract The mainstream of modern economic theory is built upon two crucial assumptions, namely that (i) tastes are given, and (ii) individuals are rational, self-interested economic beings. An important, additional assumption normally made in the economic literature is that of ‘Nash conjectures’, that is each individual, when deciding his own utility-maximizing action, takes the behaviour of everyone else as given.

Keywords: Human Nature; Public Debt; Cooperative Behaviour; Neutrality Result; Individual Selfishness (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37358-7_5

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DOI: 10.1057/9780230373587_5

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