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.
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Part I: The Beast 1. Introduction 2. Debunking Utility 3. Consumption in Social Context: On conceptual and other alchemy 4. Consuming Live: On goodness and rationality 5. On Life-Based Value: Consumption in Marx Part II: Its Measurable Footprint 6. Analytics 7. Epilogue
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Produktdetaljer

ISBN
9781138686137
Publisert
2016-06-20
Utgiver
Vendor
Routledge
Vekt
453 gr
Høyde
234 mm
Bredde
156 mm
Aldersnivå
U, 05
Språk
Product language
Engelsk
Format
Product format
Heftet
Antall sider
272

Biographical note


Anastasios S. Korkotsides

is Assistant Professor, Faculty of Economics, University of Athens, Greece.