CategoryKey ConceptsDetailsCritiques of Traditional Utility TheoryLimited View of Human Motivation- Challenges assumption of pure self-interest maximization- People influenced by social norms, ethics, common goodOversimplification of Choice- Real choices affected by emotions, habits, social pressures- Decision-making not purely rationalInterpersonal Comparison Issues- Difficulty comparing happiness/satisfaction between individuals- Arbitrary nature of utility function valuesEcological/Social Context Gaps- Environmental and social impacts often ignored- Nature treated as external to economic activity- Economic value creation’s dependence on nature overlookedIndividualistic Focus- Overlooks group and system-level dynamics- Ignores influence of unequal social structuresAlternative Perspectives on Well-beingPluralist Approach- Incorporates diverse economic perspectives (feminist, ecological, Marxist, etc.)- Moves beyond neoclassical frameworkBeyond Material Consumption- Consumption viewed as means rather than end- Focus on broader well-being outcomesEudaimonia Concept- Emphasizes human flourishing- Encompasses personal, social, natural, material dimensionsWell-being Economy- Prioritizes human well-being over pure economic growth- Challenges “econocracy” mindsetSocial/Ecological Integration- Recognizes embedding of economies in social/ecological systems- Considers broader contextual factorsAlternative Maximization ApproachesSatisficing Behavior- Focuses on achieving satisfactory rather than optimal outcomes- Acknowledges use of practical heuristicsBehavioral Economics- Incorporates psychological insights- Recognizes cognitive biases and emotional influencesSocial Value Focus- Considers fairness, justice, equality- Emphasizes capabilities and freedomsCooperative Economics- Prioritizes social good and democratic governance- Promotes shared ownership modelsPractical ImplicationsBudget Constraints- Considers social/environmental costs beyond financial- Questions traditional constraint modelsUtility Functions- Challenges adequacy of standard utility representations- Questions interpersonal utility distributionConsumption Patterns- Recognizes social/cultural influence on choices- Considers ecological limits and resource finitudeExample ImplementationsAlternative Economic Tools- Universal Basic Income as commons dividend- Bioregional Financing Facilities- Commons Wealth Funds for transparency
