The science of economics rests on the idea that we are rational actors seeking to maximize our wealth. Economic policy making, similarly, seeks to maximize the financial well-being of the people affected by the policy, subject to distributional concerns. Policy makers presume that their constituents, collectively, prefer economic measures that, collectively, enrich them.These assumptions, however, overlook the importance that people place on noneconomic values and morality in assessing policies. That blind spot has been the cause of one of the primary disconnects between policy makers and the...
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