ON THE “SCIENTIFICITY” OF MICROECONOMICS: INDIVIDUAL DEMAND, AND EXCHANGE-VALUE DETERMINATION

  • C-René DOMINIQUE Laval University, Québec, Canada

Abstract

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.

References

[1] Barzilai, J. 2013. Inapplicable Operations on Ordinal, Cardinal, and Expected Utility. Real-World Economics Review, 63: 98-102.
[2] Campion, M. J. et al. 2012. Topologies Generated by Nested Collections. Available at: http://math.usm.ny/bulletin/pdf/acceptedpapers/2012/12-027.rl/ on July 19, 2016:pdf.retrieved on July 19, 2016.
[3] Cournot, A. 1990. Recherches sur les Principes mathématiques de la théorie des richesses. Hachette: Paris.
[4] Dominique, C-R. 2017. An empirical theory of pure exchange: individual demand and equilibrium. MPRA Paper no 78716, Available at: https://mpra.ub.uni.muenchen.de/78716/), 1-10.
[5] Dupuit, J. 1844. On the measurement of the utility of public works. Annales des ponts et chausses, 8: 332-375.
[6] Hicks, J. 1946. Value and Capital, (2nd ed.), Oxford: Clarendon Press.
[7] Jevons, W. 1957. The Theory of Political Economy (5th ed.), New York: Kelly and Millman.
[8] Karolyi, K. 2016. Introduction to Set Theory. Dept. of Applied Analysis, Eotvos Lorand University, H-1088 Budapest, Muzeum Krt. 6-8. Accesed from www:cs.Elte.hu-Karolyik. Intro.pdf on Sep. 1, 2016.
[9] Mantel, R. 1974. On the Characterization of Aggregate Excess Demand. Journal of Economic Theory, 7: 348-353.
[10] McKensie, L. 1957. Demand theory without a utility index. Review of Economics and Statistics, 24: 185-189.
[11] Menger, C. 1870. Grundsatze der Volkswirtzhafislchere, Vol. I, London: London School of Economics.
[12] Pequinot, Y. 2015. Better-quasi-order: Ideals and Spaces. PhD. Dissertation, Univ. of Paris-Diderot and Univ. of Lausanne, 16.
[13] Roitman, J. 2013. Introduction to Set Theory. Accesed from www. Math.ku.edu/-roitman/SetTheory.pdf on July 17, 2017.
[14] Samuelson, P.A. 1938. Note on the Pure Theory of Consumer Behavior. Econometrica, 5: 61-71.
[15] Simovici, D., and Djeraba, C. 2014. Mathematical Tools for Data Mining. Springer-Verlag: London.
[16] Sonnenschein, H. 1973. Do Walras identity and continuity characterize the class of community excess demand functions? Journal of Economic Theory, 345-354.
[17] Sonnenschein, H. 1974. Market Excess Demand Functions. Econometrica, 40: 549-563.
[18] Walras, L. 1874. Eléments d’economie politique pure ou théorie de la richesse sociale (ou Elements of Pure Political Economy, translated by William Jaffe), London: George Allen and Unwin.
[19] Warner, S. 1965. Modern Algebra, Dover Pub., Inc.: New York.
[20] Wong, S. 1978. Foundations of Paul Samuelson’s Revealed Preference Theory: A Study by the Method of Rational Reconstruction. London: Routledge.
Published
2017-12-07
How to Cite
DOMINIQUE, C-René. ON THE “SCIENTIFICITY” OF MICROECONOMICS: INDIVIDUAL DEMAND, AND EXCHANGE-VALUE DETERMINATION. Theoretical and Practical Research in the Economic Fields, [S.l.], v. 8, n. 2, p. 105-110, dec. 2017. ISSN 2068-7710. Available at: <https://journals.aserspublishing.eu/tpref/article/view/1558>. Date accessed: 15 nov. 2018. doi: https://doi.org/10.14505//tpref.v8.2(16).02.