Homo Economicus

“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest,” states Adam Smith, the “father” of economics. We will explore the power and limitations of models of human behavior that posit self-interest as universal motivation. What about seemingly irrational choices? Do we need new economic models to explain philanthropy or procrastination? To explore  these questions, we will study works by early economists like Smith, current works on behavioral economics, writings by Steven Levitt, author of Freakonomics, and Nate Silver’s writings about data analysis. 3 hrs. sem. SOC (T. Byker)