Can the poor think? ‘Nervous States’
Malcolm Bull, 4 July 2019
Thanks to the work of behavioural economists there is a lot of experimental evidence to show what many of us would have suspected anyway: that people are not the rational, utility-maximisers of neoclassical economics, but loss-averse sentimentalists who, faced with even the simplest cognitive problem, prefer dodgy short cuts to careful analysis. Behavioural economists generously...