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Individual choice and objective demand in a Classical framework

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  • Antonio D’Agata

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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  • Antonio D’Agata, 2024. "Individual choice and objective demand in a Classical framework," Metroeconomica, Wiley Blackwell, vol. 75(1), pages 134-149, February.
    • Handle: RePEc:bla:metroe:v:75:y:2024:i:1:p:134-149
    DOI: 10.1111/meca.12449
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