Thread View: sci.econ
2 messages
2 total messages
Started by Fabrizio J Bonsignore
Thu, 07 Apr 2005 12:16
Models of Man: poverty and extreme poverty
Author: Fabrizio J Bonsignore
Date: Thu, 07 Apr 2005 12:16
Date: Thu, 07 Apr 2005 12:16
7 lines
1595 bytes
1595 bytes
Paupers don't maximize: they just try to stay afloat. Utility in their case is a constant, and its value depends on circumstances they cannot control. Essentially there is no preference hierarchy, they take what they can, cannot choose, and only satisfy basic needs, so there is no choice... Fabrizio J Bonsignore, now Danilo J Bonsignore
Re: Models of Man: poverty and extreme poverty
Author: Fabrizio J Bonsignore
Date: Sat, 09 Apr 2005 22:23
Date: Sat, 09 Apr 2005 22:23
18 lines
2073 bytes
2073 bytes
Fabrizio J Bonsignore wrote: > Paupers don't maximize: they just try to stay afloat. Utility in their > case is a constant, and its value depends on circumstances they cannot > control. Essentially there is no preference hierarchy, they take what > they can, cannot choose, and only satisfy basic needs, so there is no > choice... > > Fabrizio J Bonsignore, now Danilo J Bonsignore Paupers cannot afford to take risks under this level of utility acceptance. Since it is already at the minimum, if the risky situation fails, they cannot recover, they have no cushion. Paupers are naturally risk averse, so there is little entrepreneurship... Fabrizio J Bonsignore, now Danilo J Bonsignore
Thread Navigation
This is a paginated view of messages in the thread with full content displayed inline.
Messages are displayed in chronological order, with the original post highlighted in green.
Use pagination controls to navigate through all messages in large threads.
Back to All Threads