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> The status quo was economics that, almost on principle, ignored the way actual humans behave Why do people say this. This was never true. The Wealth of Natio
by conanbatt 8y ago
> The status quo was economics that, almost on principle, ignored the way actual humans behave
Why do people say this. This was never true. The Wealth of Nations is basically a compendium on human behavior, and that was 200 years ago.
- rossdavidh 8y agoThe Wealth of Nations was not the status quo, though. The neoclassical model of economics was much more committed to a model in which the individual maximizes some utility function. The neoclassical model certainly built on Adam Smith, but by no means the same as, and one of the differences was that neoclassical economics tried to find ways to ignore or abstract away anything to do with human psychology.