I Am an Important Fact: Predictably Irrational Edition
This comes from Peter Davis's reflections on David Kessler's new book, The End of Overeating: Taking Control of the Insatiable American Appetite.
We economists like to believe that consumers are rational, but, when it comes to food and tobacco, we're clearly not.
I think a lot of people would agree with that comment but would be repelled by the idea of targeted government intervention into the realm of food. But it is hard to imagine a working market for a good that is designed to render consumers irrational, which is to say, a good that is designed to overcome the normal checks and balances of the market.
Put slightly differently, I'm looking forward to reading Kessler's new book.
June 15, 2009; 10:06 AM ET
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