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Exactly. Classical economics assumes everyone's utility function == income. What about the pleasure of a job well done, companionship/relationship, job satisfac
by kalid 16y ago
Exactly. Classical economics assumes everyone's utility function == income. What about the pleasure of a job well done, companionship/relationship, job satisfaction, etc.? Well, since they can't be quantified they are ignored.
- mhb 16y agoThat's silly. In order to make comparisons, utility (including the intangibles you mention) can be and is estimated in terms of money. If they don't do that here, that is their failing and not one of economics in general.
- anamax 16y ago> That's silly. In order to make comparisons, utility (including the intangibles you mention) can be and is estimated in terms of money. If they don't do that here, that is their failing and not one of economics in general. How about you go tell all of the economists that they're doing it wrong? While you're fixing economists, the rest of us will get along just fine with "economics doesn't model the real world very well". That may be pedantically wrong, but it's far more efficient.