by Summary:
The vision of consumers as utility-maximizers, and the downward sloping market demand curve--so that the quantity demanded of a product rises as its price falls--both seem so plausible. But the former has been contradicted by a very well-structured experiment, while the latter cannot be derived mathematically without incorporating the distribution of income as a fundamental aspect of economics--and Neoclassical microeconomics ignores the distribution of income.
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The vision of consumers as utility-maximizers, and the downward sloping market demand curve--so that the quantity demanded of a product rises as its price falls--both seem so plausible. But the former has been contradicted by a very well-structured experiment, while the latter cannot be derived mathematically without incorporating the distribution of income as a fundamental aspect of economics--and Neoclassical microeconomics ignores the distribution of income.
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
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| The vision of consumers as utility-maximizers, and the downward sloping market demand curve--so that the quantity demanded of a product rises as its price falls--both seem so plausible. But the former has been contradicted by a very well-structured experiment, while the latter cannot be derived mathematically without incorporating the distribution of income as a fundamental aspect of economics--and Neoclassical microeconomics ignores the distribution of income. |
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subscribed because this man is the map for the future of economics. also.. patreon is tax deductible. 🙂
Great series rekindling foggy memory of university courses decades ago. How many lectures are planned?