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 Originally Posted by CoccoBill
I agree with pretty much everything you say, the problems of regulation are obvious. My point is, and has been all along, that I find it hard to be convinced that the alternative you propose can work any better as long as its whole premise is based on rational choice theory, which I find flawed. Voting, for example, is a market activity, and people are disastrous with their choices. People act rationally in the economic sense as much as they only do +EV choices in poker.
https://msu.edu/course/aec/810/bond-rat.htm
Rational choice theory is flawed. I'm not sure to what degree economists use it, but they spend a lot of time not using it. Rationality is intro-econ stuff. Irrationality is what they cover after they establish rationality. It's similar to how the physical sciences establish some things early in the education that are wrong with the purpose of giving a base to understand the more complex material and why the intro-models aren't perfect.
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