Rational Choice as Irrational Belief

Richard Thaler, an American economist and founder of the field of behavioral economics, just won the Nobel Prize. The Nobel Committee awarded him the prize for his research using psychology and economics to understand how people make economic decisions. For generations, mainstream economics had used rational choice theory, which assumes that people make decisions that … [Read more…]

The NRA Has Won!

The NRA has won. For years the American public wanted gun control and could not get it, apparently because the National Rifle Association (NRA), the arm of the gun industry owned congress.  According to a Pew Research Center Report, in the year 2000, only 29% of the public felt it was more important to protect … [Read more…]