Horwitz: Do Free Markets Require “Rational” Actors?
Lynne Kiesling Steve Horwitz has a great Freeman column today, inspired by reading Dan Ariely’s Predictably Irrational. Steve starts by pointing out that the definition of “rational” is not uniform, which matters a great deal because of the theoretical, empirical, and policy implications one draws from the definition used: People act “irrationally,” in the sense …
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