Indifference Curves

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    I’m taking intermediate mirco right now, and we just finished going over indifference curves. The subject seemed weird, because apparently policymakers make decisions based off peoples alleged indifference curves – which seem impossible to determine.

    What is the Austrian view on indifference curves?


    In criticizing indifference curve analysis, it’s important to remember, that neoclassical economists don’t claim that people think in indifference curves, but that the economist can model human action by the behavior of economic agents that do so. In any case, Austrians make several points against indifference curve analysis.

    Here is a short note by Peter Klein:

    Here is longer piece by Walter Block:

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