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“If EVERYBODY is irrational, then how can we expect them to make rational decisions all or even most of the time? Libertarianism assumes a rational...”
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“What if economics is to move away from being a self-centred academic discipline interested only in working out the consequences of its own...”
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Dr. William Rees on ‘The Dangerous Disconnect Between Economics and Ecology’
From The Institute for New Economic Thinking:
The world economy...
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But in economics, core and oft-used assumptions necessary to make many theories work, such as “everyone has...
Time Spent Laughing is Never Wasted
How so? The money I’m spending in the situation is time I could have been working. However, the telling of the joke and time spent laughing was pretty short. Thus the costs where small. In economics we call these opportunity costs, especially since slacking off can be a difficult expenditure to quantify (not that people don’t try). As an economist, where I hear “cost” I wait to hear “benefit”. The benefit of laughing with friends has to be one of the easiest and simplest joys to cash in on. You don’t really need mathematics understand that laughing at work is totally worth it.
