Against Utility-Based Economics

On a Life-Based Approach

Business & Finance, Economics, Theory of Economics
Cover of the book Against Utility-Based Economics by Anastasios S. Korkotsides, Taylor and Francis
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Anastasios S. Korkotsides ISBN: 9781135009724
Publisher: Taylor and Francis Publication: July 4, 2013
Imprint: Routledge Language: English
Author: Anastasios S. Korkotsides
ISBN: 9781135009724
Publisher: Taylor and Francis
Publication: July 4, 2013
Imprint: Routledge
Language: English

Utility-based theory and the fallback choice-theoretic framework are shown to be biased, irremediably flawed and misleading. A radically different theory of value and of consumer behaviour is proposed based on existential interpretations of scarcity, value and self-interest. For self-conscious mortals, only time is scarce. All other is derivative scarcity. Value is in the life, as a knowledge extract of time, which goes into commodities as direct human labour and depreciated capital, through their production. By structuring their preferences, consumers try to confiscate more of such value per unit of expended income, extending their social presence, soothing their angst and gaining power over each other. This raises output and makes gains cancel out. Negative psychological externalities preclude any well-being or social-welfare type conclusion.

These resolve a number of long-standing issues: endogenously generated growth, the micro-macro connection, the price mechanism, crises, unemployment, etc. Equilibrium is of a low-potential kind, not of a force-balancing one, and it is unique, reachable and stable. The relevant analytics involve purely economic, non-psychological entities. Consumer behaviour is grounded on a well-defined, structure-based decision criterion and on observably measurable magnitudes, only. The social ramifications of the two juxtaposed perspectives are discussed at length.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

Utility-based theory and the fallback choice-theoretic framework are shown to be biased, irremediably flawed and misleading. A radically different theory of value and of consumer behaviour is proposed based on existential interpretations of scarcity, value and self-interest. For self-conscious mortals, only time is scarce. All other is derivative scarcity. Value is in the life, as a knowledge extract of time, which goes into commodities as direct human labour and depreciated capital, through their production. By structuring their preferences, consumers try to confiscate more of such value per unit of expended income, extending their social presence, soothing their angst and gaining power over each other. This raises output and makes gains cancel out. Negative psychological externalities preclude any well-being or social-welfare type conclusion.

These resolve a number of long-standing issues: endogenously generated growth, the micro-macro connection, the price mechanism, crises, unemployment, etc. Equilibrium is of a low-potential kind, not of a force-balancing one, and it is unique, reachable and stable. The relevant analytics involve purely economic, non-psychological entities. Consumer behaviour is grounded on a well-defined, structure-based decision criterion and on observably measurable magnitudes, only. The social ramifications of the two juxtaposed perspectives are discussed at length.

More books from Taylor and Francis

Cover of the book Health Economics by Anastasios S. Korkotsides
Cover of the book Adjustment, Poverty and Employment in Mexico by Anastasios S. Korkotsides
Cover of the book The Assertive Woman in Zora Neale Hurston's Fiction, Folklore, and Drama by Anastasios S. Korkotsides
Cover of the book Dexterity and Its Development by Anastasios S. Korkotsides
Cover of the book Revival: Poland and her Economic Development (1935) by Anastasios S. Korkotsides
Cover of the book Religion and Cyberspace by Anastasios S. Korkotsides
Cover of the book Adult Learning in the Digital Age by Anastasios S. Korkotsides
Cover of the book Animals, Ethics and Trade by Anastasios S. Korkotsides
Cover of the book Shanghai in Transition by Anastasios S. Korkotsides
Cover of the book Southern European Welfare States by Anastasios S. Korkotsides
Cover of the book Byzantine Chronicles and the Sixth Century by Anastasios S. Korkotsides
Cover of the book Japanese Electoral Politics by Anastasios S. Korkotsides
Cover of the book Ordinary Cities by Anastasios S. Korkotsides
Cover of the book British Cinema, Past and Present by Anastasios S. Korkotsides
Cover of the book Critical Qualitative Inquiry by Anastasios S. Korkotsides
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy