Understanding Human Choice
Roger D. Johnson
Chapter Chapter 5 in Rediscovering Social Economics, 2017, pp 57-67 from Palgrave Macmillan
Abstract Marginalists converted the tools that Utilitarian philosophers developed for promoting aggregate social welfare into mathematical tools that were only suitable for analyzing individual optimizing behavior. Marginal utility analysis, however, rests upon untested and questionable assumptions about the psychological process for assigning values that were then used to generate the axiom that the process of exchange creates value.
Keywords: Marginal Utility; Market Exchange; Consumer Surplus; Total Utility; Neoclassical Economist (search for similar items in EconPapers)
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