{"title":"Individual choice and objective demand in a Classical framework","authors":"Antonio D’Agata","doi":"10.1111/meca.12449","DOIUrl":null,"url":null,"abstract":"<p>Taking a cue from some passages of <i>The Wealth of Nations,</i> this paper defines notions of maximum willingness to pay and of individual surplus expressed in hours of labour for a two-good pre-capitalist economy. From the individual surplus, a consistent objective theory of individual choice is constructed, and a demand schedule free from subjective elements is derived.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"75 1","pages":"134-149"},"PeriodicalIF":1.0000,"publicationDate":"2023-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Metroeconomica","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/meca.12449","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
Taking a cue from some passages of The Wealth of Nations, this paper defines notions of maximum willingness to pay and of individual surplus expressed in hours of labour for a two-good pre-capitalist economy. From the individual surplus, a consistent objective theory of individual choice is constructed, and a demand schedule free from subjective elements is derived.
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