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The irrationality of the ‘rationality’ assumption
chess

The irrationality of the ‘rationality’ assumption

Historically, the term ‘rationality’ has been ascribed various meanings within the sphere of economics.  Typically, rationality has been expressed in terms of the idea that consumers attempt to maximise utility by arriving at an optimal decision in light of a complete set of information relating to the market in which
May 23, 2013 4 min read
The economics of charity: should beggars be choosers?
bads

The economics of charity: should beggars be choosers?

In microeconomic theory, consumers and producers make up two halves of a productive economy. In such a model, even traditionally marginalised groups can be categorised as consumers or producers, or both. Specifically, the homeless, who typically have very limited economic productivity and hence income flow, should be thought of as
Mar 24, 2013 4 min read
Real Estate
china

Real Estate

Prior to 1978 in China, communal farmland was assigned to individuals to work for the government. Farmers gave anything that they produced from their land to the government, which then distributed the crops out to the people. Agricultural land was less productive in 1978 than it had been in 1949,
Mar 18, 2012 4 min read
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