Quote of the day: All Economists must die

Quoth Satoshi Kanazawa

Microeconomic theory, or any other theory of human behavior which assumes that human behavior is rational and based on carefully calculated cost-benefit analysis, cannot explain van Beest and Williams’ remarkable findings that humans are happy to lose money and sad to make money.

And if you’re wondering about the title of this QotD, read the full article ;)

This goes very nicely with my recent post on human nature and how, not only is it not suitable for Capitalism, but on the contrary, the truest expression of it can only be found in Communism.

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