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As conceived in this book, economics is the science of rational choice in a world─our world─in which resources are limited in relation to human wants… - Richard Posner
" "As conceived in this book, economics is the science of rational choice in a world─our world─in which resources are limited in relation to human wants. The task of economics, so defined, is to explore the implications of assuming that man is a rational maximizer of his ends in life, his satisfactions─what we shall call his “self-interest.” Rational maximization should not be confused with conscious calculation. Economics is not a theory about consciousness. Behavior is rational when it conforms to the model of rational choice, whatever the state of mind of the chooser.(...) Nor is perfect rationality assumed; rational-choice theory allows us to assume that rationality is “bounded” because of human cognitive limitations, although another way to think of those limitations is as costs of absorbing and using information.
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About Richard Posner
Richard Allen Posner (born January 11, 1939) is an American jurist, legal theorist and economist.
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Richard Allen Posner
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Richard A. Posner
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Additional quotes by Richard Posner
One thing we’ve learned from the economic events of the past two years is that macroeconomics, or at least the part of macroeconomics that studies the business cycle, is a weak field. With only a few exceptions, macroeconomists, including the most illustrious, did not anticipate the current depression.
Although there are other heresies in The General Theory, along with puzzles, opacities, loose ends, confusions, errors, exaggerations, and anachronisms galore, they do not detract from the book's relevance to our present troubles. Economists may have forgotten The General Theory and moved on, but economics has not outgrown it, or the informal mode of argument that it exemplifies, which can illuminate nooks and crannies that are closed to mathematics. Keynes's masterpiece is many things, but "outdated" it is not.
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