Rational choice theory …

19 October, 2016 at 08:59 | Posted in Economics | 3 Comments

In economics it is assumed that people make rational choices



  1. Man seeks to satisfy his needs with the least effort, yet his needs are never-ending.

  2. Presumably the two men not only wish to get fit, but to be seen to be getting fit. It may thus be perfectly rational for them to conserve energy prior to making an attempt on some personal record.

    The great merit of economics’ dogma of rationality is that it is so hard to falsify. The great demerit of psychologists’ view of rationality is that it seems so constrained.

  3. In fairness, the evidence presented does not exclude the possibility that the two men are ascending a down escalator.
    Perhaps all the StairMaster® machines inside were occupied at the time the pictures was taken. That possibility should be excluded before drawing conclusions.

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