Working Paper: Hak Choi, “The Useless Utility Theory”

Hak Choi has recently published online a working paper entitled “The Useless Utility Theory“.

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.

This entry was posted in Working Papers. Bookmark the permalink.