A quote from Satoshi Kanazawa on how Economics ignore the evolved psychology of humans.
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 Williamsโ 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 ๐
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.