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I think irrationally is a poorly-chosen word there. More like, people don't behave as you would expect if wages were a purely economic transaction.
by idlewords 10y ago
I think irrationally is a poorly-chosen word there.
More like, people don't behave as you would expect if wages were a purely economic transaction.
- tptacek 10y agoSure! More broadly: humans are extremely loss-averse, and will go through contortions to avoid having things taken from them, and so some of what we do is just to work around that glitch in our thinking. I don't want to over-sell "rationalism". But loss aversion is extremely powerful.