How does Marshal deal with some of the more difficult aspects of utility theory? (Kuhn would call them anomalies

How does Marshal deal with some of the more difficult aspects of utility theory? (Kuhn would call them anomalies.) b. What is Veblen’s critique? c. How is modern behavioral economics similar to Veblen’s vision for economics?

History of Economic Thought Dr. Philip King Spring 2021 Final Exam: Take-home due on or before May 21st at 5pm. In 3000 words or less, please answer the following question. Please type your final answer and submit as a pdf to your ilearn site for the final assignment. Throughout this class we have learned about “paradigms” in economics and other sciences. One particularly difficult aspect within the field of economics is consumer theory, in particular utility theory. Although economists often assume a rational utility maximizing agent, we know empirically that people are NOT rational, and utility is not something one can measure cardinally. The standard microeconomic paradigm we use today in Econ 101 and 301 was developed by Alfred Marshall in 1890. Thorstein Veblen was critical of Alfred Marshal and others from the marginalist school who created, in his words, the “hedonistic calculus.” a. How does Marshal deal with some of the more difficult aspects of utility theory? (Kuhn would call them anomalies.) b. What is Veblen’s critique? c. How is modern behavioral economics similar to Veblen’s vision for economics?