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Uptime verified by Wormly.com

26 May 2004

Rationalism

Economic rationalism is no different to typical decision-making, except the "evaluation framework" is far simpler. Using the term "rational" implies that normal decision-making is irrational. But all the choices we make are based consciously or sub-consciously on costs and benefits. Normally we try to evaluate more than just the monetary costs, because that will give us a more realistic assessment of something, even though non-money factors are hard to quantify. Rationalism isn't any more rational, it just doesn't try to quantify anything that is difficult to quantify. Social costs, environmental costs and moral costs are all too difficult for "rationalists" to think about, so they don't bother.

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