From an Austrian perspective, can someone explain–in a detailed fashion–what the term “utility” actually denotes? I know that Austrians recognize its existence (and believe it can be ranked ordinally), but I am not certain how it is defined by Austrian economics.

Economist In Training: Tautologies need not be considered empty. 24 = 2 x 12 = 4 x 6 = 3 x 8 is tautological. But three groups of eight is not immediately apparent upon an apprehension of twenty four. Logical or tautological reasoning fleshes out the implications of given suppositions, and these …

When you discuss “believes,” “desires,” and “prefers,” you are smuggling in psychological terms. These terms are subject to the purview of that science and its more fundamental counterpart, neuroscience. These natural sciences can and do measure brain activity that correlates to emotion and thought…

If one concedes that the brain is a decentralized network–that is, there are separable modules regulating behavior–then one can more easily understand how one’s “preference” might not translate into observable behavior (that is, revealed-preference theory could be falsified). To claim one always li…

To claim one always likes what one wants is to view the brain as a very simple mechanism, whereas contemporary neuroscience challenges that. Another misunderstanding. One wants what one perceives to like.

StrangeLoop wrote: Adam Knott, go for it. As you may have guessed, I am a thoroughgoing naturalist. Adam Knott wrote: Done [image] Praxeology and the Natural Sciences Economics Questions In his book The Ultimate Foundation of Economic Science, Ludwig von M…

Either meaningfully engage the debate or be quiet. I wasn’t talking to you. Because we understand them. You haven’t demonstrated any competency with Austrian concepts, so your attempts to undermine them never amount to much.

And what, a centralized network can’t have separable modules? A political central authority, which is the mother of all central networks, has not only separate modules but also competing modules. competing for power and control. Actually, kind of like your brain!! Who even claims such nonsense?

Either meaningfully engage the debate or be quiet. I wasn’t talking to you. Because we understand them. You haven’t demonstrated any competency with Austrian concepts, so your attempts to undermine them never amount to much. Just more insults? Nice. Frankly, it’s obvious you never, ever …

No, preference is defined as whatever the actor believes will satisfy his desires better; he prefers things over others, because they have higher utility. That’s still pretty unenlightening. And to the extent that it isn’t it’s because you’re invoking some psychological terminology about utility,…

Austrians, what is "utility" exactly?

Economics Economics Questions

adam_knott October 18, 2010, 12:53pm 66

StrangeLoop wrote:

Adam Knott, go for it.

As you may have guessed, I am a thoroughgoing naturalist.

Adam Knott wrote:

Done

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Austrians, what is "utility" exactly?

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