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Quotation of the Day…

… is from Vernon Smith‘s profound 2002 Nobel Prize lecture, “Constructivist and Ecological Rationality in Economics” (citations and footnote deleted):

Historically, a recurrent theme in economics is that the values to which people respond are not confined to those one would expect based on the narrowly defined canons of rationality. These roots go back to Adam Smith who examined the moral sympathies that characterize natural human sociality.


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