The way, the universities define the rational economic man, it's painful to hear. Absolutely painful. A whole generation of economists with the wrong definitions. +

Economics students are disgusted by the neoclassical definitions to such an extent that they leave the domain of economics and resort to borrowing definitions from psychologists. It is the lack of familiarity with the non-"mainstream" economic literature that has led us here. +

If only, the right definitions of "rationality", the acting man- "homo agens" and the economic man- "homo oeconomicus" , what are the desired ends of the rational economic man, what are the means & what are the ways to employ the means to achieve the desired ends were taught.+

If only...
The resentment for assumptions has grown to such an extent that it has become almost invisible to this generation, that to understand the dynamics, the statics must be clear first. Only then, each static component can be given variable values. +

If only, they understood the relationship between prices and information & they dared not to generalise the role of emotions. What they are instead doing is discarding the neoclassical generalisations & replacing them with their new "emotional/behavioural" generalisations. +

"Most of the writers who compare "static" with "dynamic" economic analysis use the word "static" in a derogatory and the word "dynamic" in a laudatory sense...It has existed in many fields besides economics. It seems to have had its origin in the popular association of "static" +

...with stick-in-the-mud, and of "dynamic" with the idea of prog- ress. Much of the current approbation of the "dynamic" and dislike of the "static" can be traced back, in fact, to the fashionable philosophies...as developed in the early part of the present century."+

"Ludwig von Mises has more appropriately called this the "evenly rotating economy." In the evenly rotating economy the daily round and the seasonal or annual round of production and consumption and capital replacements are endlessly repeated...+

...We might even call this, borrowing a phrase from Nietzsche, an "eternal recurrence" economy. Or we might think o£ it simply as an "even-flow" economy." ~ Henry Hazlitt