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Animal Spirits
DNF. A discussion of how behavioral economics works and what to do to get out of the 2008 recession. I keep having to learn that I think I like behavioral economists, but that I am wrong. The core of the theory is obviously correct – that various social and society-wide psychological effects have a huge influence over the markets and economy. Yes, obviously. However, behavioral economists are still economists, and thus they casually proclaim that a little experiment on the exchange of help between various kinds of people explains why persons of lower status like black people and women "are subservient" based on an idea of fairness in social interchange – i.e. the lower status person has to "give more" than the higher status person. This is both partially correct as an observational matter, and so wildly, bloodlessly blinkered about how oppression actually works that my jaw dropped.
Economists, you guys.
DNF. A discussion of how behavioral economics works and what to do to get out of the 2008 recession. I keep having to learn that I think I like behavioral economists, but that I am wrong. The core of the theory is obviously correct – that various social and society-wide psychological effects have a huge influence over the markets and economy. Yes, obviously. However, behavioral economists are still economists, and thus they casually proclaim that a little experiment on the exchange of help between various kinds of people explains why persons of lower status like black people and women "are subservient" based on an idea of fairness in social interchange – i.e. the lower status person has to "give more" than the higher status person. This is both partially correct as an observational matter, and so wildly, bloodlessly blinkered about how oppression actually works that my jaw dropped.
Economists, you guys.
