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A Circuit Core Economy

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  • Telser Lester G.

    (University of Chicago, Chicago, USA)

Abstract

To decide how to buy or sell a private good is a task for an individual in the standard economics model. It would be better to amend even this simple case because the terms of a trade are seldom left entirely in the hands of the individual traders involved. Haggling about the terms for a single trade is uncommon in most economies today. Yet it is the staple of beginning economics courses. It portrays an individual free to buy a bundle of commodities, each available at a given price and in any amount at the pleasure of the buyer. A student is told consumers choose what to buy in order to maximize their utility subject to a budget constraint. Any objection to this picture raised by a student is typically brushed aside by saying it is a model not a realistic picture of consumer behavior. Evidence to test the model rarely comes up.

Suggested Citation

  • Telser Lester G., 2021. "A Circuit Core Economy," Man and the Economy, De Gruyter, vol. 8(2), pages 155-167, December.
    • Handle: RePEc:bpj:maneco:v:8:y:2021:i:2:p:155-167:n:2
    DOI: 10.1515/me-2023-0002
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    References listed on IDEAS

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    1. D. G. Champernowne, 1945. "A Note on J. v. Neumann's Article on "A Model of Economic Equilibrium"," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 13(1), pages 10-18.
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