Abstract
Rationality implies that the individual will fully allocate his resources and will do this in a way as to maximize his own well-being. This means the individual will do those things for which the benefits exceed the costs. The costs are in all cases those alternatives which could have been acquired. Perhaps, needless to say, the individual will not do those things for which the costs exceed the benefits.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 1979 Martinus Nijhoff Publishing
About this chapter
Cite this chapter
McKenzie, R.B. (1979). The Basics of the Economic Model. In: The political economy of the educational process. Studies in Public choice, vol 2. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-9242-9_2
Download citation
DOI: https://doi.org/10.1007/978-94-009-9242-9_2
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-009-9244-3
Online ISBN: 978-94-009-9242-9
eBook Packages: Springer Book Archive