I was greatly surprised by utility and its own utilities to explain economic theory. I still love microeconomics though not as capable of controlling economy as macroeconomics can, but in real interaction of human desire and co-ordination among human to satisfy those desires is explained by microeconomics alone so far my level of understanding allows.
Microeconomics in BBS and CA, both are sufficiently incapable of imparting any knowledge of utility theory to students and hence handicapped students about the foundation of economics itself. May be they are more equipped in their journey by learning managerial economics than micro economics then I will be only wrong and nothing more.
However, I got the opportunity to learn economics by grace of learned teachers of TU RR Campus, and saw the interaction of human desires and economy. The good intention of great economist became visible to me.
Maximize the utility for maximum number of people. Utility is that which provides pleasure. Human is intrinsically self-centered animal always serving oneself. Then maximizing pleasure for maximum number of human is utility theory. Interestingly they want it for maximum number of people and not just one. Why???
Because, proponents of utility theory were benevolent people who foresaw conflicting human interest can lead to overall destruction of everyone else. Which is further explained in game theory that coordinated games can yield more overall benefit than by self interest maximizing principle[correct only upto correct recollection of memory]. May be they were too aware that without attaching society then the principle will become mob principle and chaos will run everywhere. Both ways they were unaware of psychological reality or neglect that reality thinking minimal and external world alone as reality.
As already discussed about Mandukya Upanishad, Upanishad talks about 4 realities of human and they even extend it to explain universal realities too. I am not going to explain universal aspect much here and focus only upon desires.
There are 4 realities one of senses, another of mind and another of deep sleep and another unexplainable called Bramha. I will be writing about 4 Barna and their correlation with 4 realities and far extended social structure of Aryas. Let us now focus on 4 realities and utility theory.
This desire they are talking about is satisfied by consumption of goods and services alone. Then in human what consume? 5 senses consume qualities of the consumable, essence for body is consumed by energy center of digestive system and distribute to the whole body [correct me if I am wrong as I never liked biology and chemistry and hence deficient in these subject more than in others ]. Neither senses nor body is capable of consuming more than their inherent capacity. Assumption of unlimited desire is nothing but mere guess of poor man who never got to have enough of anything. There are 5 senses only things to satisfy those 5 senses can be produced and nothing more. Also, they function in diminishing marginal utility format as rightly said by utilitarians. In desire to fulfill these senses and body's basic need of survival for a certain time period they must co-ordinate with others. In doing so some are in charge of more resources than others and they start to maximize their interest more than that of others but not to the extent of animal state. more the people in power tend towards animal state more the social structure tends to collapse. However, those people with power who maximize desire of senses too fail to grow which is evident by evolution of their family line over the course of time why?
Instead of fear of maximum number of people, we can rightly enlighten our realities. Over gratification of senses, leads to 1/4 understanding and prevent to move towards other 3 realities of human life. Since, first reality of senses is more grossly engaged with natural elements which are other than food are constant and by more association with them we tend to become constant and constant. we will fail to grow.
There comes the reality of mind or dreams or what we think in our mind. Advanced thinkers are well equipped that most of our work is directed by what we think. To think or to control or to maximize correct food for mind more and more meditation is required. But by framing the society in such a way to maximize sense gratification alone, utilitarian are moving away from their own goal of maximizing happiness for maximum number of people. By incorrect interpretation of happiness this disaster originated. By fighting for sense gratification with limited resources from fellow human being, there is no way to serve the same people to whom you harm earlier and desire they in turn support you. And inherently more sense gratified people, more towards constant nature of universe they travel and their mind become beast and greedy more and more in search of that constancy or security or deathlike state in life.
How to embed economy correctly with 4 realities of Upanishad, I have no idea as of today. May be in some book they have already described as neither I have written Upanishad nor I am scholar of Vedic Society.
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