There is much evidence that people are not rational, in the economist's sense; nor do they take into account expectation, in the precise interpretation of that word. As a result economic theory often does not correspond with what happens in the market. Some would argue that we need descriptive economics. I would argue that all should be taught about probability, utility, and MEU (maximization of expected utility) and act accordingly.
Dennis LindleyRelated topics
account act descriptive economics interpretation market maximization need nor probability result sense should take teach utility wordRelated quotes
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Maurice Merleau-Ponty
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John Constable
The way in which I know Christianity is true is first and foremost on the basis of the witness of the Holy Spirit in my heart. And this gives me a self-authenticating means of knowing Christianity is true wholly apart from the evidence. And therefore, even if in some historically contingent circumstances the evidence that I have available to me should turn against Christianity, I do not think that this controverts the witness of the Holy Spirit.
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