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Criticism of Economic Approaches

What are the Criticisms of the Economic Approach?

Written by Jason Gordon

Updated at March 26th, 2023

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What are the Criticisms of the Economic Approach?

The major criticisms of the economics approach to decision making include:

  • people don't really act in this way (they are not logical, reasonable actors in most situations); and 
  • people (includes firms and other members of society) really should not act this way. 

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