Mas-Colell, Whinston and Green Versus Scitovsky on Profit and Utility Maximization

I contrast the theoretical foundation of profit maximization of Mas-Colell, Whinston and Green’s “Microeconomics” against that provided by Scitovsky in a paper of 1943. Whereas Mas-Colell, Whinston and Green try to show that profit maximization can be derived from utility maximization, Scitovsky categorically states the contrary view. I argue, first, that the foundation provided by Mas-Colell, Whinston and Green is not sound and, secondly, that Scitovsky’s line of reasoning opens a better way to model business behavior.

3D line drawing from point clouds using chromatic stereo and shading

1 PDF document (8 pp., English).-- Contributed to: VSMM'08: 14th International Conference on Virtual Systems and Multimedia (Limassol, Cyprus, Oct 20-25, 2008)