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Behavioral Economics, Explained

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Behavioral Economics, Explained

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ADAM SMITH

Even our sympathy with the grief or joy of another, before we are informed of the cause of either, is always extremely imperfect. General lamentations, which express nothing but the anguish of the sufferer, create rather a curiosity to inquire into his situation, along with some disposition to sympathize with him, than any actual sympathy.

ADAM SMITH

14

85 reads

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ADAM SMITH

Pity and compassion are words appropriated to signify our fellow-feeling with the sorrow of others.

Sympathy, though its meaning was, perhaps, originally the same, may now, however, without m...

ADAM SMITH

14

160 reads

ADAM SMITH

As we have no immediate experience of what other men feel, we can form no idea of the manner in which they are affected, but by conceiving what we ourselves should feel in the like situation.

[Our senses]...

ADAM SMITH

15

207 reads

ADAM SMITH

But whatever may be the cause of sympathy, or however it may be excited, nothing pleases us more than to observe in other men a fellow-feeling with all the emotions of our own breast; nor are we ever so much shocked as by the appearance of the contrary...

ADAM SMITH

13

86 reads

VERNON L. SMITH

The Theory of Moral Sentiments and Wealth of Nations together encompass one behavioral axiom, “the propensity to truck, barter, and exchange one thing for another,” where the objects of trade […] include not only goods, but also gifts, assistance, and fav...

VERNON L. SMITH

13

286 reads

ADAM SMITH

The first question which we ask a sufferer is, “What has befallen you?” Till this be answered, though we are uneasy both from the vague idea of his misfortune, and still more from torturing ourselves with conjectures about what it may be, yet our fellow-feeling...

ADAM SMITH

15

84 reads

ADAM SMITH

If the very appearances of grief and joy inspire us with some degree of the like emotions, it is because they suggest to us the general idea of some good or bad fortune that has befallen the person in whom we observe them: and in these passions this is sufficient t...

ADAM SMITH

14

104 reads

ADAM SMITH

Love is an agreeable; resentment, a disagreeable passion; and accordingly we are not half so anxious that our friends should adopt our friendships, as that they should enter into our resentments. We can forgive them [if] they seem to be little affected with the fav...

ADAM SMITH

13

88 reads

CURATED FROM

CURATED BY

xarikleia

“An idea is something that won’t work unless you do.” - Thomas A. Edison

The “Theory of Moral Sentiments” and “Wealth of Nations” together encompass one single behavioral axiom that, broadly interpreted, is sufficient to characterize a major portion of the human social and cultural enterprise: it explains why human nature appears to be simultaneously self-regarding and other-regarding.

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The Individual Will And The General Will

The shift between being able to follow the individual will and the general will is not so easy to establish.

Finding the general will is based on three approaches.

  • A highly democratic model is where citizenry discusses legislation at town hall meetings. Magistrate...

Quran in Arabic Language (Surah Yusuf Verse 2)

Surah Yusuf, Verse 2:

إِنَّا أَنزَلْنَاهُ قُرْآنًا عَرَبِيًّا لَّعَلَّكُمْ تَعْقِلُونَ

No doubt about it, it is We, We sent it down as an Arabic recital so that (hopefully) all of you can (think) and understand.

Explanation:

Quran is meant to be spoken instead of being red...

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