When you let the word “irrational” roll off your tongue, you do a very irrational thing: You specify something that doesn’t exist. It is very much like trying do describe a vaccum (not the cleaner, but rather the contents of emptiness).
These days, it is very popular and a big hit to argue that people are economically motivated by irrational behaviors. That is also sort of like saying “light is dark”.
Arguing with such nonsense is an exercise in futility. Just because someone can’t explain something does not mean there is no explanation for it. Besides that, I challenge anyone to give an adequately precise definition of the term “irrational”. In my opinion, the fact that a brain is in a living state means that there is some kind of rationalization going on. It may seem odd, but mainly if you are unfamiliar with odd things, odd thought, odd behavior and such.
Let me give you an example. There’s a guy named Dan Ariely who maintains to be an expert on irrationality. I’ve watched some of his presentations, and I’ve observed that he actually seems to be jiving people: He says he talks about irrational behavior, but actually what he is talking about behavior that simply doesn’t conform to the laws of economics commonly taught in academia. For example, in one talk I paid attention to, he mentioned some law which basically said that if someone prefers A to B and also prefers B to C, it would be irrational to prefer C to A. What nonsense! This would be like saying that if someone likes ketchup more than relish, they would do something like drink a whole bottle of ketchup right out of the bottle. My hunch is that before someone had drunk less than half the bottle, they would no longer go near the ketchup for at least a week. Would that be irrational?
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Tagged economics, irrational, irrationality, psychological, psychology, rational, rational behavior, rational expectation, rational expectations, rational media, rationality, remediary