Irrationality in the Neoclassical Definition of Rationality
Steve Keen1 Show affiliations
- University of Western Sydney and Russell Standish, University of New South Wales, United States
American Journal of Applied Sciences, Volume 2, Issue 13, pp. 61–68 · doi.org/10.3844/ajassp.2005.61.68
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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Keen, S. (2005). Irrationality in the Neoclassical Definition of Rationality. American Journal of Applied Sciences, 2(13), 61–68. https://doi.org/10.3844/ajassp.2005.61.68
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