The Daily Web Log for Prepared Individuals Living in Uncertain Times.
E-Mail 'The Editors' Quote of the Day:' To A Friend
Email a copy of 'The Editors' Quote of the Day:' to a friend
Loading ...
One Comment
“All rational action is economic. All economic activity is rational action.”
Wrong.
As Robert Heinlein once observed, “Man is not a rational animal; he is a rationalizing animal.” Anyone who has been alive along enough to observe the every-4-or-8-year ritual of Americans either slapping on or scraping off their “Dissent Is The Highest Form Of Patriotism” bumper stickers enough times understands this.
There’s been a lot of advancement in behavioral science, game theory, psychology, etc. since 1940; and even since 1957 when “Atlas Shrugged” was published.
In fact there’s a whole field of economics that has emerged since then called Behavioral Economics — as opposed to the Classical Economics of von Mises, Hayek, Friedman, Rand, etc.
Homo Economicus is as stupid of an economic model as Homo Sovieticus was.
Outdoor Season's SIEGE STOVE Kickoff SALE! Fastest boil of 10 stoves in Firearms News. Ultra-versatile & packs flat. Family business dedicated to Made in USA.
#1 Trusted Gravity Water Purification System! Start Drinking Purified Water now with a Berkey water filtration system. Find systems, replacement filters, parts and more here.
Please support this website by adding us to your whitelist in your ad blocker. Ads are what helps us bring you premium content. Thank you!
“All rational action is economic. All economic activity is rational action.”
Wrong.
As Robert Heinlein once observed, “Man is not a rational animal; he is a rationalizing animal.” Anyone who has been alive along enough to observe the every-4-or-8-year ritual of Americans either slapping on or scraping off their “Dissent Is The Highest Form Of Patriotism” bumper stickers enough times understands this.
There’s been a lot of advancement in behavioral science, game theory, psychology, etc. since 1940; and even since 1957 when “Atlas Shrugged” was published.
In fact there’s a whole field of economics that has emerged since then called Behavioral Economics — as opposed to the Classical Economics of von Mises, Hayek, Friedman, Rand, etc.
Homo Economicus is as stupid of an economic model as Homo Sovieticus was.