Serving two maximizers. From: The New Leader | Date: March 7, 1988| Author: | COPYRIGHT 1988 American Labor Conference on International Affairs. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information) Copyright information

SERVING TWO MAXIMIZERS

WITH THE EXCEPTION of philosophy, all disciplines start with assumptions. I'll be glad a discuss the exception with anyone who wants to stay after class. For now, let's concentrate on two assumptions of economics as it is generally taught and understood.

The first is that economic producers are profit maximizers. The second is that economic consumers are utility maximizers. Sometimes these assumptions are explicitly stated, as by mathematical economist Gerard Debreu, and sometimes they are accepted as too obvious to warrant discussion, as by Frank ...

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