Criticism of Economic Approaches
What are the Criticisms of the Economic Approach?
Written by Jason Gordon
Updated at March 14th, 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.