/sci/ - Science & Math

Our economic system roots in the notion that every person acts in pure self interest, as proclaimed in the Wealth of Nations by Adam Smith, where he said for instance:

>"It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest."

What feels strange to me about that is how the core of his message appears to be build around assumptions, or his own subjectivity, rather than actual experiment and falsification. Considering the on going influence of his writings, and it's importance in our daily lives, this is mind-boggling. What makes it worse is that there are other economic theories, like the idea of the Homo Reciprocans, that explain human behavior in better detail while having a closer relation to experiment, even though they aren't perfect as well. But still, the Wealth of Nations hasn't become obsolete yet.

Now, what do you think are the reasons for this matter, or what do you think about it in general? Could there be better way to determine the accuracy of economic theory?

So I just got done reading about this guy

http://en.wikipedia.org/wiki/Adamh_Smith

The 'father of modern economics'

and you know, I gotta say man....

Britain really have pumped out an absolutely amazing amount of notable people. Really, compare Britain to any other European country. Compare the amount of legendary people like this that came out of all those countries in the past 4-500 years, and britain absolutely wins, without a doubt

Really, it's almost unexplainable, how they managed to do it.

Just imagine if Britain had America's population numbers, just imagine where the world would be today

http://www.bbc.co.uk/news/science-environment-11579956

>Philip Salter is programmes director for the Adam Smith Institute, UK-based policy institute dedicated to free market policies

>Adam Smith Institute, UK-based policy institute dedicated to free market policies

>policy institute dedicated to free market policies

>free market

Oh BBC you so crazy