27 October 2010 - limited rationality 3

Buridan’s Ass was better off; it only starved to death between equal piles of hay. People faced with indistinguishable options agonize over them, when they could choose randomly. Groups faced with indistiguishable options get into vicious political infights and tar all the hay with lies. It’s the diametric opposite of rational decision making. Isn’t that the basic reason that economists are always wrong?