Consumer Choice. (user search)
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Author Topic: Consumer Choice.  (Read 989 times)
Gustaf
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Political Matrix
E: 0.39, S: -0.70

« on: February 15, 2012, 12:34:15 PM »

Do you think a heroin addict's actions to get more heroin can be accurately described as free?
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Gustaf
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Atlas Star
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Posts: 29,779


Political Matrix
E: 0.39, S: -0.70

« Reply #1 on: February 15, 2012, 12:37:59 PM »
« Edited: February 15, 2012, 01:13:38 PM by Gustaf »

Do you think a heroin addict's actions to get more heroin can be accurately described as free?

The same could be said of the poor's actions  to get food.

Ok, that was actually a bit amusing. Well done.
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Gustaf
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Atlas Star
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Posts: 29,779


Political Matrix
E: 0.39, S: -0.70

« Reply #2 on: February 18, 2012, 04:53:00 AM »

That consumers are not perfectly rational economic agents is a well-documented empirical fact.

And, of course, markets in general are far from perfect. I believe that we do need the government to overcome information asymmetries for example.

What many on the left often miss though is that we don't necessarily need everyone to be perfectly rational in order to have a functioning market. Aggregate long-term outcomes may still be good enough.
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