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- W2496123774 abstract "Behaviorism and utilitarianism lie at the heart of economic theory and welfare economics as they are practiced today. The reasons for this are both historical and methodological. To be described mathematically, individual behavior has to be expressed through a functional form that converts the consumption or uses of ‘goods’ to a numerical measure of satisfaction — well-being or ‘utility.’ Cognitive processes are reduced to calculations of how to maximize the utility function given the constraints of an individual’s wealth, income, and endowments of goods, talents, and capital. This is behaviorism on steroids; the ‘stimuli’ provided by prices are transformed into the ‘responses’ of the individual in choosing the bundle of goods that maximize utility." @default.
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- W2496123774 date "2014-01-01" @default.
- W2496123774 modified "2023-09-23" @default.
- W2496123774 title "Economics, Behaviorism, and Utilitarianism" @default.
- W2496123774 doi "https://doi.org/10.1057/9781137371935_5" @default.
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