Re: people, places, things, and ideas
Mike Masnick (mike@techdirt.com)
Wed, 06 Jan 1999 22:19:16 -0800
At 08:28 PM 1/6/99 -0500, Robert S. Thau wrote:
>The notion that people always minimize their immediate costs (with
>cost measured in financial terms) is one of the major fallacies
>underlying most modern economics. It's just not true, and in some
>domains it isn't close to true. (What's the value of time spent in
>church?)
Not an economist, but I have to take exception to the comment above. If
anything, I'd qualify and say that it's one of the major fallacies that
many untrained people make about economics. The theories behind economics
go well beyond minimizing immediate costs. Hell, even introductory
economics goes beyond that (by a long shot).
-Mike