A Circuit Core Economy

Abstract: To decide how to buy or sell a private good is a task for an individual in the standard economics model. It would be better to amend even this simple case because the terms of a trade are seldom left entirely in the hands of the individual traders involved. Haggling about the terms for a single trade is uncommon in most economies today. Yet it is the staple of beginning economics courses. It portrays an individual free to buy a bundle of commodities, each available at a given price and in any amount at the pleasure of the buyer. A student is told consumers choose what to buy in order to maximize their utility subject to a budget constraint. Any objection to this picture raised by a student is typically brushed aside by saying it is a model not a realistic picture of consumer behavior. Evidence to test the model rarely comes up.

Object Details

• Location: Deutsche Nationalbibliothek Frankfurt am Main
• Extent: Online-Ressource
• Language: Englisch

References and Relationships

• Bibliographic citation: A Circuit Core Economy ; volume:8 ; number:2 ; year:2023 ; pages:155-167 ; extent:13 ; Man and the economy ; 8, Heft 2 (2023), 155-167 (gesamt 13)

Contributors, Places and Time

• Creator: Telser, Lester G.

Further information

• DOI: 10.1515/me-2023-0002
• URN: urn:nbn:de:101:1-2023051814040974834291
• Rights: Open Access; Der Zugriff auf das Objekt ist unbeschränkt möglich.
• Last update: 14.08.2025, 10:59 AM CEST