S E52: Useful Economics in Everyday Life
Think Like An Economist
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Is There Too Much Data in Economics?
Economists now becoming more realistic about people gone are the days of economic professors starting lectures with the prase, let us assume all actors in this example are rational. The current reality means we don't have to make assumptions about how people act. We can observe them. And so then we can describe the realityow that people aren't rational but what they are doing is doing their best to make decisions that will improve their lives rather than make their lives worse.
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