this post was submitted on 20 May 2025
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I personally think the biggest flaw of economics is how it takes "people are rational actors" as an axiom.
The fact that so many people can be convinced to vote against their economic best interests by supporting the GOP shows how fallacious that axiom is.
Literally in page one of econ textbooks they will say “a common exception to the rational actor theory is like when people need emergency medical services.” AND THEN they just ignore that GLARING caveat for the rest lf the book. Snake oil.
I love the implication that a "rational actor" would choose death over losing money
hi guyes im disabled and have cancer checks bank account awe sheit well that has been a good life can’t afford this no more😊 ta ta all
You lose money every day paying for living expenses.
Let's make deal!
Another exception is how sometimes increasing prices will increase sales rather than the other way around.
Also a lot of the time, a discount will get more attention than the price itself. Like $1000 with a 60% markdown ($400 final) might sell more than the same thing at $350 with 0% markdown.
yessir! veblen goods https://www.investopedia.com/terms/v/veblen-good.asp
The Udemy system
I've also seen that economists never account for naked greed.
Yeah, but if you start getting into the irrationality of actors, you are all the sudden studying group psychology or sociology rather than economics.
Although I have always wanted to combine network theory with economics/finance understanding...
Doesn't it also assume consumers have perfect information to make their choices in a market?
How informative is the advertising industry?