…the wage-labour system, Weber’s emphasis on rationality and religion helps us to see developments in the system of money and markets as a cultural revolution. There is a tendency among…

…more important than other simplicity. Basically there are default assumptions (rationality, no liquidity constraints, price flexibility, perfect competition, non-increasing returns to scale, economic behavior can be understood with utility functions…

…crucially, the derivation assumes that the suppliers maximize the present value of revenues. Perfect competition is not needed, but rationality is. Clearly the fact that Saudi Arabia has oil and…

…There are many many such contracts. It is hard to reconcile the existence of such contracts with rationality but they exist. If people look at debt service ratios and count…

…individualism, that is believe in the rationality of the Zeitgeist or something. I can believe that I don’t know something, but other people do and they trade on markets so…

…not know much but they have the same information. This, along with rationality means that they have the same accurate belief about the probability that something will happen. With asymmetric…

…are specifically studying bounded rationality they assume rational expectations, that everyone knows and has always known every conceivable conditional probability. I’ve only met one economists who claims to believe that…

…because I don’t think people are approximately rational. However, here and now I am assuming full rationality, so I appeal to immigrants. US residents clearly don’t care much about foreigners…

…election, and am foolishly optimistic enough to believe that they may be returning to rationality. Besides, he happened to be correct: any given from increased military spending is definitionally no…

…of labour, published in 1909 in The Economic Journal, was acknowledged as authoritative by the leading economists of the day. It provided important insights into the prospects for market rationality…