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    #1

    fits the data

    I have trouble understanding the part in red.

    Part of the problem is that most contemporary thinking about money and markets and such has its roots in the scarcity model. In fact, one of the most commonly used definitions of economics is "the study of how people make choices under conditions of scarcity, and the results of those choices for society." As traditional economics (which believes that markets are equilibrium systems) gets replaced by complexity economics (which both fits the data significantly better and believes that markets are complex, adaptive systems), we may begin to uncover a postscarcity framework for assessment, but there's no guarantee that such thinking will result in either more jobs or a different resource allocation system.

    Thank you.

  1. Chicken Sandwich's Avatar
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    #2

    Re: fits the data

    NOT A TEACHER

    Standard economic theory makes the assumption that humans behave as rational and narrowly self-interested actors who have the ability to make judgments toward their subjectively defined ends ( Homo economicus - Wikipedia, the free encyclopedia ). However studies have show that this isn't the case. Other models, such as those that are rooted in "behavioural economics" are a more accurate representations of how humans behave.
    Last edited by Chicken Sandwich; 29-Aug-2012 at 12:29. Reason: several errors

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    #3

    Re: fits the data

    Then "the data" in the text seem to refer to human behavior patterns, don't they?

  2. Chicken Sandwich's Avatar
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    #4

    Re: fits the data

    Yes. A theory might make one assumptions, but it's very likely that empirical research will show something entirely different. Therefore the "data" represents reality, to a certain extent of course.

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