Me on the empty concept of 'utility' in economicshttps://twitter.com/LTF_01/status/1120739497115824129 …
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In 1999 I organized a conference at UCL on the evolution of specific 'utility functions'. Economists weren't interested at all. Marketers were. That's when I realized 'utility maximization' in Econ is a vacuous concept.
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Yeesh...do you think a re-attempt might pan out better now or same thing?
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Behavioral economists might be a little more interested now. And a few economists like Robert Frank at Cornell are taking biology more seriously.
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I find this challenging, because isn't, utility or "usefulness" a fundamental part of basically all decision making?
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Sure—is this 'useful' in trying to murder an opponent, is this 'useful' in winning a woman's love, is this 'useful' on Twitter? Of course 'utility' has a general meaning BUT IT IS NOT A FOUNDATION FOR A SCIENCE—it has no UTILITY in that realm—or very little
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Menger, Mises, and Hayek don't use that framework -- an ordered plan of the uses of economic goods is simply a plan with ordered uses. It's a pure logic abd no *thing* is measured or maximized. Of course, these are our BEST economists.
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