If economists ruled the world we would all be very conservative
Jessica Irvine (http://www.smh.com.au/opinion/society-and-culture/economists-discover-miracle-hangover-cure-drink-less-20091029-hnkg.html)

Interesting article.

I do agree that personal experience is a great teaching tool. Eventually, as people become more tired of the effects and opportunity cost of hangovers they stop suffering them.

How many 35 and 40-year-olds do you see partying like teenagers?

Elliot

Interesting article.

I do agree that personal experience is a great teaching tool. Eventually, as people become more tired of the effects and opportunity cost of hangovers they stop suffering them.

How many 35 and 40-year-olds do you see partying like teenagers?

Elliot

I don't think that was the point Elliot The GFC was likened to a hangover from a wild party

I don't think that was the point Elliot The GFC was likened to a hangover from a wild party

Actually, the point of the article was to argue that the invisible hand theory doesn't work because people don't always make the decisions that are in their best interests. And her proof is teenagers who party despite knowing the effects of a hangover.

I disagree, and my proof is that over the long haul they do, because eventually they become more experienced as to the effects of their decisions. That is why you see fewer 45 year olds who party like teenagers.

Still there are some interesting points to the article.

Elliot