A Critique of the Neoclassical Approach to Consumer Choice

Alan G. Futerman, Walter E. Block

DOI: http://dx.doi.org/10.12775/DP.2021.011


In this paper we analyze neoclassical concepts such as utility maximization and indifference, in
order to identify their failure to explain consumer choice. Thus, we study the problems of indifference
analysis, and the process of human action itself. We provide a critique of the neoclassical
view of consumer choice and contrast it with the Austrian approach.

Słowa kluczowe

neoclassical economics; consumers; choice; utility; perfect information

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