Utility is a fundamental notion of orthodox (mostly neoclassical)
economics, but as it is an idea, that is very vague and thus
impossible to define and measure, it did a lot of harm to
economics as a science. Therefore, I strongly argue that this
outdated and imprecise concept should be finally abandoned,
especially as a basis for microeconomic consumer theory, because
it is not only illogical, but also ideologically not neutral, and
thus unscientific. For sheer inertia, the concept of utility, as a
basis for microeconomic theory, is taught to the students, thus
corrupting the young minds. Furthermore, the present financial
and economic crisis, the most serious since the 1930s, should force
the economists from the academia to seriously revise the
foundations of microeconomic theory, and, as logical
consequence, rewrite the handbooks in microeconomics. I do not
merely argue that the utility theory defies both logic and
empirical justification, as many authors did it before me. I argue
that the very notion of utility is unscientific, and was kept in
microeconomic books only because of sheer inertia, but this way
it made a lot of harm to the science of economics, and, as a
result to the real economies. I also argue that the subjectivist
theory of value should be replaced with an objectivist one, based
on value of labour.
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