Monday, November 06, 2006

Psychology and Economics...

Psychology has accepted for half a century that any science of human behavior must recognize how people feel, and not just what they do. Economics seems to ignore the latter (except to treat it as random and unpredictable, even irrational).
One approach to re-incorporate how people feel into economics is taken by Hirschman in his book “Exit, Voice, and Loyalty” (thanks, Moe !).

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