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heterodox economics

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This is a summary of some disagreements I have with what media such as the New York Times, Wall Street Journal, or The Economist would consider "conventional" economics. It could be called "contemporary American neoliberal economics" so I'll abbreviate it as CANE. humans are not (mainly) utility maximizers An individual person acts like a collection of agents with different goals and time preferences, where each agent has varying influence depending on current circumstances. This leads to things like time inconsistency, but is still better than a single agent because the optimal optimization targets are unknowable. There's an ancient Japanese saying about "cognitive biases": バカっていうほうがバカなのよ! Most of the time, most people act more as status-imitators than utility-optimizers. A common type of advertisement is: show an attractive person, show them doing something high-status, and then show them using a product. That's effective because many viewers tend to imitate high status people. It's

heterodox economics heterodox economics =economics This is a summary of some disagreements I have with what media such as the New York Times, Wall Street Journal, or The Economist would consider "conventional" economics. It could be called "contemporary American neoliberal economics" so I'll abbreviate it as CANE. humans are not (mainly) utility maximizers An individual person acts like a collection of agents with different goals and time preferences, where each agent has varying influence depending on current circumstances. This leads to things like time inconsistency , but is still better th

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