The Useless Utility Theory

13 Pages Posted: 26 Aug 2014

See all articles by Hak Choi

Hak Choi

Chienkuo Technology University - Department of International Business; Chung-Hua Institution for Economic Research

Date Written: August 25, 2014

Abstract

This paper searches through the many syllabi of Economics, but cannot find any valid theory derived by utility method. Utility is a kindergarten teaching of trade-off, and it produces nothing serious. This paper advocates a more serious teaching of trade-on: exchange and production.

Utility has been the foundation of Economics for many years. The School of Salamanca was the first to use it around 1550 (Marjorie Grice-Hutchinson, 1952), but it was due to Bentham (1823) that utility becomes the core of all economics studies. This paper will check all branches of economics, to see whether utility delivers any valid economic theory. It will then offer an alternative approach, to try to derive important theories, like the demand, supply and offer curves.

Keywords: Utility

JEL Classification: L97

Suggested Citation

Choi, Hak, The Useless Utility Theory (August 25, 2014). Available at SSRN: https://ssrn.com/abstract=2486991 or http://dx.doi.org/10.2139/ssrn.2486991

Hak Choi (Contact Author)

Chienkuo Technology University - Department of International Business ( email )

No.1, Chiehsou N. Road
Changhua City, 500
Taiwan
+886 91 901-4618 (Phone)

HOME PAGE: http://euntold.wordpress.com

Chung-Hua Institution for Economic Research ( email )

75, Changhsin St.
Taipei
Taiwan

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