Every action that people would logically take in their rational self-interest to protect themselves from deflation would just make the deflation worse.
Economists, psychologists and historians of science all tell us (and I am inclined to believe them) that we act within our rational self-interest.
They donned earplugs and acted in their own rational self-interest.
Behaviorists reject the classic economic theory of human beings as ultra-rational self-interested actors and, drawing on psychology, examine the causes of seemingly irrational economic choices, such as not taking advantage of money offered in an employer-provided retirement plan or giving away more money to charity than can be explained by purely selfish motives.
The 1996 Telecom Reform Act failed precisely because it did not account for rational, self-interested behavior.
In fact, more than being rational, self-interested, passionate, or imitative creatures at our root, we humans are defined by our uniquely transformational nature.
What about a political vision in which the individual is respected as a separate, rational, self-responsible person who finds value voluntarily choosing (or not) to engage with others personally, culturally, or commercially?
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Rational actors seek to self-preserve, and unions are no different than any other organization in this respect.
Behavioral economics calls into question the central assumption of classical economics: that individuals are rational actors who seek to maximize their self-interest.
No rational person could believe such a gross self-contradiction.
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Each is engaged in a collectively self-defeating, yet individually rational, attempt to take rent from the other.
What benefits our thinking on this planet earth, once we are self aware is what is more rational and consistent, this is how we try to fashion level playing field for our future generations.
History, along with basic economic logic tell us that emotion, rather than rational thought, is driving this latest bout of low economic self-esteem.
Two centuries before Rand arrived on the scene, Adam Smith had already written The Wealth of Nations, a powerful treatise demonstrating why self-interest offers a more secure foundation for a rational society than a selfless dedication to the common good.
In a line of thought popular among German conservatives between the two World Wars, Kagan holds that liberals are dreamers who believe that nations will behave decently once they are part of a rational world order, where all are free to pursue their enlightened self-interests within a framework of internationally agreed-on rules, as promulgated by such institutions as the League of Nations and the United Nations.
The notion is that industrialisation turns traditional societies into secular-rational ones, while post-industrial development brings about a shift towards values of self-expression.
They are, with their rational basis in math and science and their clean modernist aesthetic, the perfect antidote to the postmodern, self-referential and celebrity art of the early aughts.
Rand also noted that only an ethic of rational selfishness can justify the pursuit of profit that is the basis of capitalism -- and that so long as self-interest is tainted by moral suspicion, the profit motive will continue to take the rap for every imaginable (or imagined) social ill and economic disaster.
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