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How the Market Works in “Waste-Free Economics”

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  • Hidefumi Kurasaka

    (Chiba University, Graduate School of Social Sciences)

Abstract

I have briefly explained what assumptions underlie, and how economics explains the theory of production and consumption. There were two assumptions about corporate behavior: the assumptions of “diminishing returns” and “profit maximization.” Then, “production output” and “labor demand” were determined to maximize the profit for a given product price and wage. Meanwhile, consumers’ behaviors (households’) included the assumptions of “diminishing utility” and “utility maximization.” In addition, “product consumption” and “labor supply” were determined to maximize utility for given product prices and wages. Thus, production output and consumption and labor demand and supply were obtained for each of the given product price and wage combinations.

Suggested Citation

  • Hidefumi Kurasaka, 2026. "How the Market Works in “Waste-Free Economics”," Springer Books,, Springer.
    • Handle: RePEc:spr:sprchp:978-981-92-0270-6_3
    DOI: 10.1007/978-981-92-0270-6_3
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