stackyFACTSHook: Economists built a century of theory on a mythical creature. Homo economicus is the theoretical human who is completely rational and flawlessly optimizes every decision. In reality, human beings are emotional, impulsive creatures who routinely buy expensive lattes while in crippling debt.
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In the bizarre world of ultra-luxury handbags, what irrational thing happens when a brand drastically raises prices?
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Giffen goods represent a fascinating economic paradox where people actually consume more of a specific inferior product as its price rises, directly violating…
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