The Pursuit of Sadness
Economics is built upon preferences. It’s the science of choosing. What determines preferences? Well, theoretically, the economically classical, rational being — or homo economicus — looks at its choices, and acts in order to maximize “expected utility,” (or, roughly, lifetime happiness). Because people are impatient and want stuff now, this happiness is weighted in order to discount the future choice in comparison … Continue reading The Pursuit of Sadness