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Economics has met the enemy, and it is economics
Monday, October 17th, 2011
Oct. 16, 2011
Theories based on assumptions of rationality, efficiency and equilibrium in the marketplace are likely to be treated with a great deal more skepticism. Homo economicus is a lot more anxious, irrational, unpredictable and complex than most economists believed. And, as Adam Smith recognized, he has a moral and ethical dimension that should not be ignored… Yet the[se models] have successfully provided a “scientific” cover for an anti-regulatory political agenda that is popular on Wall Street and in some Washington political circles.
Tags: economy, ideology, standard of living
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