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In the end, a rational choice study of the economy is a powerful method of exploring human behavior. Things come together beautifully in general equilibrium
In the end, a rational choice study of the economy is a powerful method of exploring human behavior. Things come together beautifully in general equilibrium where all conditions for efficiency are met. But upon deeper reflection, as the text points out along the way, many other forces drive behavior and they will alter outcomes suggesting that efficiency as economists often narrowly define it, is often an inadequate measure of wellbeing. List some of the other forces that will qualify outcomes that rational choice considers optimal
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