Migrating some quotes over from an old blog, because I like them


Which approach is rational?

… the combined assumptions of maximazing behavior, market equilibrium and stable preferences, used relentlessly and consistently, form the heart of the economic approach.

Gary Becker

… far-from-equilibrium interactions among heterogeneous agents, characterized by endogenous preferences, most often “boundedly rational” but always capable of learning, adapting and innovating …

Giovanni Dosi

I’m with Gio.

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