Monday, January 10, 2011

How rational of you...

One of the central problems with moden economic theory is that it assumes all human beings are rational. Whether the brand be bounded, norm-based or evolutionary, economic theory has been constrained by rationalist ways of thinking. Slowly but surely, influences from sociology and psychology will break down the "rational choice" theories that dominate the field. Of course, there are many other problematic assumptions that are widely accepted in mainstream economics, but the assumption of rationality remains central. It has informed and continues to inform most every fallacious assumptions in modern day economics.

Are you economically rational?

Take this quiz by the witty Dan Ariely.

I scored mostly rational. Econ 301 applies mostly to me... Do you fit the model?

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