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Brilliant, Intuitive, and (Possibly) Wrong
August 3rd, 2011
Economists have some funny ideas. Often these ideas are controversial. Sometimes these ideas are brilliant and intuitive. Other times these ideas are brilliant, intuitive, and just plain wrong. It’s often difficult to know the difference between the two. It usually takes another economist to figure it out. Economists have long held the (brilliant, intuitive, and possibly wrong) belief that people make the best decisions for themselves. This is called rational choice theory (or, simply, rationality) and it underlies almost all economic theory. This confuses a lot of non-economists who understand “rationality” to mean “sane” or “making good choices.” Rationality to...
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RT @icrict: Quel que soit le gouvernement annoncé, @PikettyLeMonde de l'@icrict rappelle qu'il doit avoir une position très claire: avec la…
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