Homo Economicus Paradox (Part II)
That the mere act of being "rational" has an intrinsic cost often seems to be missed. This should be astounding. Latency and cost profoundly complicate what it is implied by being a "rational" actor. Not only have we established that every human is faced with nearly infinite choices at every moment…
Homo Economicus Paradox (Part I)
In my last dispatch, I laid out a plan to explore how the application of consensus economic theory to public policy has gone astray. Today, I’ll begin tackling a fundamental tenet of economic thinking: the rational investor. Economists rarely admit this assumption is troublesome…