Scanlon – In This Economy

Book page: scanlon-in-this-economy-part-2, scanlon-in-this-economy-part-1

From: Quotes batch 22

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Concept

“The ‘Economy’ is a concept we use to talk about the aggregate of human desires, but we treat it as if it were a weather system.” (p. 12)

Behavior

“Consumer behavior is driven more by the ‘fear of missing out’ than by any rational calculation of utility.” (p. 56)

Game Theory

“Labor negotiations are a game where the side that can afford to wait the longest usually dictates the terms.” (p. 134)

Cognition

“Inflation is as much a cognitive phenomenon as a monetary one; it happens because people believe it is happening.” (p. 182)

Memory

“Our economic policies are often just reactions to the memory of the last recession, regardless of the current data.” (p. 210)