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Critique of the Realism of the Economic Model of Choice
A significant critique of the economic model of choice questions its real-world applicability on two main grounds. First, it assumes individuals make decisions by consciously calculating and equating their Marginal Rate of Substitution (MRS) and Marginal Rate of Transformation (MRT), concepts unknown to most people. Second, the model presupposes a level of flexibility in choosing work hours that is unrealistic for the majority of the workforce, who cannot simply start and stop working at will.
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Introduction to Microeconomics Course
The Economy 2.0 Microeconomics @ CORE Econ
Ch.3 Doing the best you can: Scarcity, wellbeing, and working hours - The Economy 2.0 Microeconomics @ CORE Econ
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Critique of the Realism of the Economic Model of Choice