Tag Archives: utility theory

The Empirical Evidence Against Neoclassical Utility Theory: A Review of the Literature,

Current Economics Textbooks and Economists justify a theory of consumer behavior based on utility maximization on a priori grounds. This methodology follows Lionel Robbins’ idea that economic theory is based on logical deduction from postulates which are ‘simple and indisputable … Continue reading

Posted in behavioral economics, neoclassical theory, Neoliberalism, utility theory | Tagged , , ,