On The “Scientificity” Of Microeconomics: Individual Demand, And Exchange-value Determination
C-Rene Dominique ()
MPRA Paper from University Library of Munich, Germany
SUMMARY: This note examines how the concept of utility has led neo-classical economists astray. It first briefly reviews the thoughts of the early pioneers who have engaged these economists on the utility trail. It next scrutinizes the requirements imposed on the preference set of the consumer in view of extracting a utility function having anticipative properties. Then it shows how set theory can solve the dynamic exchange process and value determination without any need for a utility function.
Keywords: KEYWORDS: Utility; Preference; Well-Ordered Sets; Ordinal Space; Binary Relation; Order-isomorphism. (search for similar items in EconPapers)
JEL-codes: D11 D12 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:80408
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