Man is a rational being in pursuit of personal interests - at least that is what classical economics teaches us. But policy-makers are increasingly using our irrational tendencies to nudge us into a certain direction.
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There's something deeply flawed about an economic system that measures utility but not the attachments we feel to another person, or to one's homeland.
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Don't rely on economic analysis to learn about human rationality. If we want to build just and prosperous societies, we must look elsewhere for guidance.
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What can patterns of cheating in online courses tell us about man's irrational inclinations?
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In recent years, economic thinkers have embraced policies that "nudge" us into acting wisely. It's time for European policy-makers to catch up.
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“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design”, F.A. Hayek once wrote. We would be well-served to heed his call and reinvigorate the ideology of the free market.
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We tend to think of ourselves as rational actors - yet ultimately, we are very fallible creatures. We need regulation and restraint to overcome our irrational tendencies and to achieve better outcomes for ourselves and the world around us.
