"... the majority of people will act in their best interest in all economic situations ..." Really? People, supposedly well-educated people, actually believe that?
Trust me, I'm a doctor.
"... the majority of people will act in their best interest in all economic situations ..." Really? People, supposedly well-educated people, actually believe that?
Trust me, I'm a doctor.
It is the gospel according to Keynes. The world of economics and banking runs on that theory. Even though it is wrong and easily proven wrong. Just watch one episode of 'who wants to be a millionaire' for proof.
Thaler won the Nobel Prize for Economics in 2017. He is not considered an economist or welcome to present at Economic conferences by the Keynesians. It's a pretty bizarre situation.