- Title
- Rational inefficiency: smart thinking, bounded rationality and the scientific basis for economic failure and success
- Creator
- Altman, Morris
- Publisher Link
- http://dx.doi.org/10.4337/9781782549598
- Publisher
- Edward Elgar
- Resource Type
- book chapter
- Date
- 2017
- Description
- The core argument of this chapter is that individuals (economic agents) can behave inefficiently in a number of domains, at both the micro or macro (social) level. But this behaviour can be considered to be rational in the sense that such inefficiency can be a product of smart or considered choice behaviour. Smart people can be efficient or inefficient. From a smart-rationality assumption, we cannot necessarily derive choices that will have efficient outcomes. Moreover, what might appear to be irrational and, therefore, inefficient behaviour from the perspective of conventional economics might very well be, and often is, rational, smart, intelligent, considered and even purposeful behaviour from a smart agent perspective.
- Description
- 1st ed.
- Subject
- behaviour; rational inefficiency; economics
- Identifier
- http://hdl.handle.net/1959.13/1452418
- Identifier
- uon:44435
- Identifier
- ISBN:9781782549574
- Language
- eng
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