Modem mainstream economic theory bravely assumes that people make their decisions in such a way as to maximize their utility. Accepting this assumption enables economics to predict a great deal of behavior (correctly or incorrectly) without ever making empirical studies of human actors.
Herbert SimonRelated topics
assumption deal economics great human making predict utility way modem mainstreamRelated quotes
The attacks of September 11 were intended to break our spirit, instead we have emerged stronger and more unified. We feel renewed devotion to the principles of political, economic and religious freedom, the rule of law and respect for human life. We are more determined than ever to live our lives in freedom.
Rudy Giuliani
Mr. David Stockman has said that supply-side economics was merely a cover for the trickle-down approach to economic policy - what an older and less elegant generation called the horse-and-sparrow theory: If you feed the horse enough oats, some will pass through to the road for the sparrows.
John Kenneth Galbraith
I do not see in what way the face of a man should be a less interesting landscape than any other. A man, the physical person of a man, is a little world, like any other a country, with its towns, and suburbs... As a rule what is needed in a portrait is a great deal of the general, and very little of the particular.
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Theory should be ever more demanding of our empirical resources. Simultaneously, data should be ever more demanding of the empirical relevance of theory and of the theorist's expertise in working imaginatively on problems of the world, rather than on stylized problems of the imagination.
Vernon L. Smith