Humans and non-human animals frequently violate principles of economic rationality, such as transitivity, independence of irrelevant alternatives, and regularity. The conditions that lead to these ...

Economics professors typically cover the “economic way of thinking” in the first chapter of a principles of economics course. After covering 8-10 of the most important guideposts and principles of ...

The fundamental principles of economics are based on human nature and do not change regardless of how they are interpreted. People behave certain ways on an individual and societal level based on the ...