A Circuit Core Economy

Author:

Telser Lester G.1

Affiliation:

1. University of Chicago , Chicago , USA

Abstract

Abstract To decide how to buy or sell a private good is a task for an individual in the standard economics model. It would be better to amend even this simple case because the terms of a trade are seldom left entirely in the hands of the individual traders involved. Haggling about the terms for a single trade is uncommon in most economies today. Yet it is the staple of beginning economics courses. It portrays an individual free to buy a bundle of commodities, each available at a given price and in any amount at the pleasure of the buyer. A student is told consumers choose what to buy in order to maximize their utility subject to a budget constraint. Any objection to this picture raised by a student is typically brushed aside by saying it is a model not a realistic picture of consumer behavior. Evidence to test the model rarely comes up.

Publisher

Walter de Gruyter GmbH

Subject

Microbiology (medical),Immunology,Immunology and Allergy

Reference3 articles.

1. Bush, V. 1945. “As We May Think.” The Atlantic Monthly 176: 101–8.

2. Champernowne, D. G. 1945. “A Note on J. v. Newmann’s Article on ‘A Model of Economic Equilibrium’.” The Review of Economic Studies 13 (1): 10–8.

3. van der Waerden, B. L. 1950. Modern Algebra, Vol. II. Translated from the second revised German edition by Theodore J. Benac. New York: Frederick Ungar Publishing Co.

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