Tuesday, August 25, 2015

Are we Econs?

Anyone with an interest in economics should get to know the name Richard Thaler. He is after all considered the founder of behavioral economics. 
One of the claims he makes is that people don't really act like classical economics says we should act. Everyone in the world acts like humans. But in textbooks we all act like "Econs" people that seek to act rationally and optimize utility at every step of their decision making process. In later blogs I'll take issue at some of the tests he does while I read one of his books. So look forward to more posts!

No comments:

Post a Comment