ABSTRACT
We have argued up to now that the standard microeconomic canon of consumption is not objective. It begins with arbitrary assumptions that contradict findings in other disciplines and disregards important aspects of the real economy such as the distribution of power. The standard narrative accentuates a free-market ideology by disregarding theories not in support of the canon such as the concept of satisficing that fits the facts better than the optimizing model favored by the mainstream. Standard textbooks treat major shortcomings of neo-classical theories as epiphenomenon such as imperfect information and are replete with hidden value judgments by disregarding sustainability and the welfare of future generations.
