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The Duh Factor

Friday, May 25, 2007
Christopher 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.
Posted by Arbitrista @ 7:48 AM
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