Posts in Economics
Words Worth Noting - October 27, 2021

“A key tenet of standard economics is that making people happy is a simple matter of giving them more of what they like. But neuroscience shows that’s not true. The brain’s striatum quickly gets used to new stimuli and expects them to continue. People are on a treadmill in which only unexpected pleasures can make them happier. That explains why happiness of people in rich countries hasn’t increased despite higher living standards.”

Peter Coy in BusinessWeek, quoted in “Social Studies” in Globe & Mail April 4, 2005

Words Worth Noting - October 13, 2021

“If persons do not behave in accordance with their own economic self-interest, objectively defined and measured, on what basis do they act?... The economist is well-equipped to recognize mush for what it is, and when noneconomists hypothesize that persons want to ‘do good,’ he quickly detects the absence of predictive content.”

“Is Constitutional Revolution Possible in Democracy?” in Geoffrey Brennan and James M. Buchanan The Reason of Rules: Constitutional Political Economy