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The Irresistible Fetish of Utility Theory: From “Pleasure and Pain” to Rationalising Torture

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  • Giovanni Dosi

    (Institute of Economics)

  • Andrea Roventini

    (Institute of Economics)

Abstract

This note briefly examines the path that the economics discipline has taken since adopting the assumption that human behaviour is exclusively driven by utility maximisation. This view has prevented the full comprehension of most economic phenomena and has spread to other social disciplines, occasionally leading to results either ridiculous or tragic, such as using utility theory to rationalise torture. Such academic absurdity must be ended.

Suggested Citation

  • Giovanni Dosi & Andrea Roventini, 2016. "The Irresistible Fetish of Utility Theory: From “Pleasure and Pain” to Rationalising Torture," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 51(5), pages 286-287, September.
    • Handle: RePEc:spr:intere:v:51:y:2016:i:5:d:10.1007_s10272-016-0619-6
    DOI: 10.1007/s10272-016-0619-6
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    Cited by:

    1. Giovanni Dosi & Luigi Marengo & Alessandro Nuvolari, 2020. "Institutions and economic change: some notes on self-organization, power and learning in human organizations," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 10(1), pages 1-22, March.
    2. Giovanni Dosi & Andrea Roventini, 2019. "More is different ... and complex! the case for agent-based macroeconomics," Journal of Evolutionary Economics, Springer, vol. 29(1), pages 1-37, March.
    3. Giovanni Dosi & Marco Faillo & Luigi Marengo, 2018. "Beyond "Bounded Rationality": Behaviours and Learning in Complex Evolving Worlds," LEM Papers Series 2018/26, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    4. Giovanni Dosi & Andrea Roventini, 2017. "Agent-Based Macroeconomics and Classical Political Economy: Some Italian Roots," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 3(3), pages 261-283, November.
    5. Giovanni Dosi & Luigi Marengo & Alessandro Nuvolari, 2019. "Institutions are neither autistic maximizers nor flocks of birds: self-organization, power and learning in human organizations," Chapters, in: Francesca Gagliardi & David Gindis (ed.), Institutions and Evolution of Capitalism, chapter 13, pages 194-213, Edward Elgar Publishing.

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