> FWIW, the idea of "rational utility maximization" is well-nigh > tautological (a circular concept, true by definition). It's quite > possible to "rationally maximize utility" while getting our > preferences largely from others (peer pressure, etc.) or caring about > the emotions of others (being "altruistic").
"Rational utility maximization" is a false description of how humans make decisions. In fact, present-day economics is much like Ptolemaic model of the solar system. It more-or-less worked but was completely wrong. But does it matter if economics doesn't describe the real world? What do you folks think the purpose of economics is now? What do you folks think the purpose of economics should be? Jay _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
