Criticism of Consumers Surplus:
Two main criticisms against the Marshallian concept of Consumer’s Surplus are as follows:
(a) Marshall supposed that utility is measurable; however utility is immeasurable, since it is psychological in nature;(b) The Marshallian supposition of marginal utility of money enduring steady is unrealistic.
This contribution of great economist Marshall has perhaps provokes the most caustic of criticisms from different economists.
Marshall assumed that utility is measurable. However J.R.Hicks states that utility is not measurable since it is a psychological phenomenon.1. Marshall supposed that there are no interpersonal differences. However it will change with regard to tastes, preferences, status and so on.
2. Marshall supposed that there is fidelity of marginal utility of money. However it is unrealistic. Marginal utility of money rises with the collapse in the stock of money.
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