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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Against Utility-Based Economics: On a Life-Based Approach

Against Utility-Based Economics: On a Life-Based Approach

Korkotsides, Anastasios

Hardcover

Series: Routledge Frontiers of Political Economy

EconomicsGeneral Political Science

ISBN10: 0415829631
ISBN13: 9780415829632
Publisher: Routledge
Published: Jun 25 2013
Pages: 272
Weight: 1.25
Height: 0.90 Width: 6.20 Depth: 9.30
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.

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