Utility maximization, morality, and religion.
Journal of Economic Issues › Vol. 39 Nbr. 2, June 2005
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Utility maximization, morality, and religion.
One of the most important foundation stones for neoclassical economics is utility maximization theory. This theory assumes that all choices are made to maximize the chooser's utility, happiness, or pleasure. The theory can be expanded by explaining that what maximizes a chooser's utility, happiness, or pleasure is achieving his or her goals. Goals can run the entire gamut from complete self-indulgence to saving others (a goal that may require self-sacrifice, as it did for Martin Luther King, Jr., Mother Theresa, Jesus, and Buddha). Because all goals are accepted, utility maximization theory can be used to explain all choices including marriage, terrorism, altruism, raising families, war, and so on. Neoclassical economists are proud that this theory can explain every possible choice.
In order to maintain the universal applicability of utility maximization theory, neoclassical economists refuse to judge one set of goals as better or worse than another set of goals. The judging of diffe...See the full content of this document
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