According to Keynes, this is an Economic phenomena during which interest rates are so low such that people can only expect them to rise.At this particular point in time ,can we forge a Mathematical relationship between the 'real rates of interest' and the marginal utility of money?.If so what is the relationship ?.One of my Professors at the University told me that am combining a Macroeconomic concept with a Microeconomic one and the marriage between the couple is not yet complete,what is the opposite of this and how significance is the opposite ?.He continues to argue that one of the handicaps of my research would be the ' impossibility of the interpersonal comparability of utility".What the hell is that ?????
2006-11-29 04:18:19 · 2 answers · asked by Muthoka T 1 in Social Science ➔ Economics
HUH?
2006-11-29 04:20:24 · answer #1 · answered by Texan 6 · 2⤊ 0⤋
I will be honest, i can't anser your question sufficiently. i think, when your professor is refering to 'impossibility of interpersonal comparability of utility' it's basically that it's impossible to compare how much different people enjoy the same and different things. (utility is simpky enjoyment)..for example, how can you messure how much do people enjoy the same cup of tea..or whats evenmore difficult, how can you measure who go more enjoyment, someone who ordered tea or someone who ordered coffee?
i can;t at all comment on any other questions you raised. Sorry.
2006-11-29 04:52:24 · answer #2 · answered by Yura 2 · 0⤊ 0⤋