At 12:45 PM 3/20/01 -0500, you wrote:
>So far my bias is that the maximization assumption seems exceedingly
>broad.
the problem with the profit maximization is that it tends to be
tautologically true, though not as much as the utility maximization theory
(in which any behavior, including self-mutilation or suicide, can be
interpreted as maximizing utility).
However, since there are forces that encourage profit maximization, such as
competition among capitalists and pressure from creditors, I'd say that
profit maximization is a useful first approximation.
Jim Devine [EMAIL PROTECTED] & http://bellarmine.lmu.edu/~jdevine
