Non-Becker Rationality and Kahneman Irrationality

This article provides two Ideological Turing exercises: One argument in defense of hard-line Chicago rationality and one in defense of the existence of economic irrationality. I don’t think Gary Becker or any of the big Chicago names (eg Friedman) ever firmly stated that individuals are rational (quick proof and another one), but let’s suppose that … Read more Non-Becker Rationality and Kahneman Irrationality

Utility and Interpersonal Comparisons of Utility

This article describes cardinal and ordinal utility as I understand them and then argues that analysis under cardinal utility is more productive. I also argue for the plausibility of interpersonal comparisons of utility. Ordinal and Cardinal Utility When the preference of A to B is understood in as ordinal we may simply suppose that an … Read more Utility and Interpersonal Comparisons of Utility

Some Quick Bullets on Property Rights

This article briefly records some thoughts on property rights which I had as a result of class discussion, as well as a summary of the class method as it is not traditional lecture and I think highly of it. Thoughts: De facto property rights are the best economic explanation of property rights, precisely because they … Read more Some Quick Bullets on Property Rights