Irrationality in the neoclassical definition of rationality

Steve Keen; Russell K. Standish

Irrationality in the neoclassical definition of rationality

Steve Keen
, Russell K. Standish

Research output: Contribution to journal › Article

Abstract

In this study we are not arguing that competition as it actually occurs in practice is not socially beneficial. Our criticism is directed instead at the false belief that rational profit-maximizing behavior and competition as defined by neoclassical economic theory will lead to a welfare-maximizing outcome-again, as defined by neoclassical theory.

Original language	English
Journal	American Journal of Applied Sciences
Publication status	Published - 2006

Keywords

competition
neoclassical school of economics
profit
management

Cite this

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title = "Irrationality in the neoclassical definition of rationality",

abstract = "In this study we are not arguing that competition as it actually occurs in practice is not socially beneficial. Our criticism is directed instead at the false belief that rational profit-maximizing behavior and competition as defined by neoclassical economic theory will lead to a welfare-maximizing outcome-again, as defined by neoclassical theory.",

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AU - Standish, Russell K.

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AB - In this study we are not arguing that competition as it actually occurs in practice is not socially beneficial. Our criticism is directed instead at the false belief that rational profit-maximizing behavior and competition as defined by neoclassical economic theory will lead to a welfare-maximizing outcome-again, as defined by neoclassical theory.

KW - competition

KW - neoclassical school of economics

KW - profit

KW - management

UR - http://handle.uws.edu.au:8081/1959.7/34514

M3 - Article

SN - 1546-9239

JO - American Journal of Applied Sciences

JF - American Journal of Applied Sciences

ER -

Irrationality in the neoclassical definition of rationality

Abstract

Keywords

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