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Explain: Before economic growth, there were too few goods; after growth, there is too little time. It is irrational for an individual to take time
- Explain:
- Before economic growth, there were too few goods; after growth, there is too little time.
- It is irrational for an individual to take time to be completely rational in economic decisions making.
- Telling your spouse, the name of the restaurant where you would like to eat your birthday makes sense in terms of utility maximization.
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Basic Econometrics
Authors: Damodar N. Gujrati, Dawn C. Porter
5th edition
73375772, 73375779, 978-0073375779
