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The Futility of Utility: how market dynamics marginalize Adam Smith

McCauley, Joseph L.
Munich Personal RePEc Archive · Reports
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General Equilibrium Theory in econometrics is based on the vague notion of utility. Prices, dynamics, and market equilibria are supposed to be derived from utility. Utility is sometimes treated like a potential, other times like a Lagrangian. Illegal assumptions of integrability of actions and dynam
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