Conclusion: Difference between revisions
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We see through this data that if economics fails to account for the power of social norms, it cannot accurately portray the decision making process of human beings. | We see through this data that if economics fails to account for the power of social norms, it cannot accurately portray the decision making process of human beings. | ||
As Akerlof stated: | |||
<p align="center">As George Akerlof stated:</p> | |||
'''"People tend to be happy when they live up to how they think they should be; and they are, correspondingly, unhappy when they fail to live up to those norms."''' | |||
Revision as of 05:53, 3 December 2007
We see through this data that if economics fails to account for the power of social norms, it cannot accurately portray the decision making process of human beings.
As George Akerlof stated:
"People tend to be happy when they live up to how they think they should be; and they are, correspondingly, unhappy when they fail to live up to those norms."
