A century of economic theory assumed that, given their available options, humans would always make rational decisions. Economists even had a name for this construct: homo economicus, the economic man.
Computer Sciences
Jul 17, 2015
16
4327
(Phys.org)—The laws of thermodynamics are best known for dealing with energy in the context of physics, but a new study suggests the same concepts could help improve economic growth models by accounting for energy in the ...
In the wake of the financial crisis, many started questioning different aspects of the economic formalism.
General Physics
Feb 2, 2016
13
3304
The increasing inequality in income and wealth in recent years, together with excessive pay packages of CEOs in the U.S. and abroad, is of growing concern, especially to policy makers. Income inequality was identified as ...
General Physics
May 27, 2015
122
2164
Whether we decide to take out that insurance policy, buy Bitcoin, or switch jobs, many economic decisions boil down to a fundamental gamble about how to maximize our wealth over time. How we understand these decisions is ...
General Physics
Dec 2, 2019
11
860
While new mothers frequently take on a greater share of housework than their spouses, this effect is even more pronounced in mothers who earn more than fathers, new research from the University of Bath shows.
Social Sciences
Mar 31, 2022
0
12
The rise of populist movements is changing political systems around the world. As support for these "anti-elite" movements intensifies, many are scrambling to understand whether economic decline and intensifying inter-group ...
Economics & Business
Dec 11, 2020
22
770
(PhysOrg.com) -- In a result that may have implications for financial regulation, researchers from computer science and economics have revealed potentially impenetrable problems with the pricing of financial derivatives. ...
Economics & Business
Dec 21, 2009
42
0
That the consumer behavior of these people carries systematic rules, and is not completely impulsive, has been made clear in a field called “behavioral economics”, an interdisciplinary area in economics and psychology. ...
Economics & Business
Feb 15, 2011
0
0
(PhysOrg.com) -- Pro-labor policies pushed by President Herbert Hoover after the stock market crash of 1929 accounted for close to two-thirds of the drop in the nation's gross domestic product over the two years that followed, ...
Economics & Business
Aug 28, 2009
12
0
