Friday, May 25, 2007Christopher Hayes referring to "heterodox economists" resisting the neo-classical mainstream:
What they routinely find is that the rational utility maximizer of the neoclassical model is a convenient fiction. A growing literature shows humans to be systematically biased in their calculations of risk, disposed to punish antisocial behavior, even at a cost to themselves.
Like moral philosophers haven't been saying this for, oh, 300 years or so. Sigh.