I've thought of a name for the type of economics I've been exploring/developing: wisdom economics. It's like behavioral economics, but it's more concerned with the philosophical roots of behavior and the economic consequences thereof. #economics #philosophy #wisdom #college #personal
@kai "Please Don't Economics"
@bthall I like it, actually!
@kai ๐ it'd be the official subtitle/slogan
@douginamug @kai Well on the Please Don't side, in labor economics the matter of employers discriminating against people of certain groups is modeled in an interesting way: it's assumed that the discriminating person misperceives/believes wrongly that persons of that group are less costly (wage-wise, due to a misperception/misbelief that the people are less productive). The wage is represented as `1 - [rate that people in that group are supposedly less productive by]`.
@douginamug @kai I see Wisdom Economics / Economics of Fools and Foolishness as dealing with misperception, presumption, wrong structuring of models, and maybe exploring ways of protecting society / individuals from such things (while providing enough freedom to not just fall into blind conservativism).
@bthall wisdom? no one wants to be a part of this haughtiness.
Might I humbly recommend instead, 'economics for dummies'