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"Left wing kookiness"
On Sat, 20 Dec 2003 20:39:37 -0500, vincent p. norris
wrote: Economics is a subset of psychology - psychology applied to matters of money, assets, liabilities, production, buying and selling, that sort of thing. That's not even in the ball park! Have you ever read an economics text? Yes, I have. I had to read one to help my ex-wife pass an econ class. She didn't understand it, but I did. The closest economics comes to being "psychological" (and it's about as "close " as the North Pole is to the South Pole) is in making the assumption that people always behave "rationally." I.e., that entrepreneurs maximize profit by equating marginal cost with marginal revenue and that consumers "equate at the margin" so that the last penny spent on every good and service provides the same amount of "utility" (want-satisfaction). You just described applied psychology - just as much as studying any other stimulus and response. Do people always react the same to a given stimulus? No, of course not. For one thing, they don't agree on economic values. What could be further form the truth than that? Almost anything. And I don't recall any economist claiming that people always behave rationally. But they often do behave rationally. Your point being...??? -- Robert Sturgeon, proud member of the vast right wing conspiracy and the evil gun culture. |
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