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January 2022

Complexity, value, and the psychological postulates of economics

Journal/Book: Crit Rev. 1996; 10: PO Box 1254, Danbury, CT 06813-1254. Critical Review Foundation. 551-594.

Abstract: Does the contemporary built environment-the ensemble of our humanly created surroundings-make us happy? This question prompts a consideration of the psychological dimensions of economic value, and of Tibor Scitovsky's revisions of standard economic theory With Scitovsky as it starting point, a model of value based on modern complexity theory and a Maslow-like rendition of human needs can account for some of the more important exceptions to the law of diminished marginal utility, including chose that may undermine the built environment in a market economy.

Note: Article Benedikt M, Univ Texas, Ctr Amer Architecture & Design, Austin,TX 78712 USA

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