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    The Delusion of Rationality

    Posted Wednesday, October 14, 2009 4:14 PM | By Emily Yoffe
    Elinor Ostrom, the first woman to win the Nobel Prize for economics (read Ruth Marcus’ insightful column about women “firsts”) was not trained as an economist but a political scientist. She joins the ranks of Nobel economic laureates whose backgrounds are in different disciplines. An economics blog post discusses how the field is being upended by people who don’t believe markets (and humans) always behave rationally, which means economic activity cannot be plotted and predicted with mathematical precision. These new economists, such as Ostrom, are teasing apart how and why humans actually act, because it turns out humans are not simply machines for self-maximizing behavior. The question I always had for economists who believed we were is: Have you ever interacted with any other humans besides economists? ... (Read the rest of this article in DoubleX).
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