Post #2989165

@PttP@mastodon.social I think there may be an issue in that the (weak version) ofrevealed preference is about whether someone chooses A over B subject to a budget constraint is a revealed preference. So is the person preferring to sell their kidney (A) to pay their rent over being unhoused (B) is also in a sense changing their budget constraint. Samuelson introduced the idea of revealed preference to replace the idea that people have utility functions and starting from observed behavior seems to me to be an improvement. I have much more problems with other theoretical economics axioms such as that people have perfect information when making their choices and that they are also perfectly consistent, particularly over time when other factors can then come into play. Disclaimer: I do have a first degree in Technological Economics but I studied it a long time ago (1969-73), so I'm both a a bit rusty but also an unreconstructed Neo-Keynesian.