Tag: Paul Krugman

• Rational Fools

  

  Nobel Prize winning economist Amartya Sen, coined the term “Rational Fools” nearly 35 years ago. In his famous paper, Sen criticized the first principle of economics: “Every agent is actuated by only self-interest”. On top of this axiom of rational self-interest lie rational action and rational expectations, leading all the way up to the efficiency […]

  rrameez

  December 31, 2013

  Abuse of Science, History of Science, Modeling

  Capitalism, Commons, Efficient Markets, Elinor Ostrom, Game Theory, Milton Friedman, Noam Chomsky, Paul Krugman, Rational Action, Rational Fools