Word: economicus
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Pioneer "neuroeconomists" around the country are ready to knock out the centuries-old model of Homo economicus, or "economic man," the perfectly reasonable, largely imaginary being who day in and day out maximizes his utility and gains and always clearly seeks the right thing to do. It's the foundation for Wall Street's "efficient market," which holds that every trade neatly reflects all available information. In theory, the saying goes, practice and theory are the same. But in practice, they are different...
...conventional, integrated, year-by-year study of economic history, for the greater fission of economic processes as measured by the more exact tools of quantitative analysis. If Mr. Bunde insists on spoon-feeding, he is turning away from one of the richest intellectual feasts that Harvard offers. Home Economicus...