Econ 101

(1) With regard to individuals, modern economic theory does a fairly good job of describing the behaviors of those of us who fairly consistently choose to behave in ways that are predicted by modern economic theory.

(2) Modern economic theory also tends to reliably describe the aggregate behaviors of groups of people who fairly consistently choose to behave in ways that are predicted by modern economic theory.

(3) Modern economic theory tends to more accurately describe the aggregate behaviors of groups of people who choose, as a rule, to believe that people behave in ways which are predicted by modern economic theory…than groups of people who choose, as a rule, to believe that we can choose to behave in ways which are not predicted by modern economic theory.

(4) One of the great attractions of modern economic theory is that it justifies our behaving in selfish ways.

(5) Another great attraction of modern economic theory is that it provides us with excuses to not expect or demand unselfish behaviors from others.  If economic science proves that “people” behave like self-optimizing automatons, what is the point of trying to convince any person (our self included) to behave like a father or mother, neighbor or citizen, public servant or soldier?