Too many critics focus on pure dollar optimizing rather than value optimizing. We all have different value maximization functions - if you understand that dollars are just one type of value so called irrational behaviour is coldly rational. Dynamic time preferences for money are accepted but dynamic preference functions for other things (status, sense of self, stress level..) are ignored.
Too many critics focus on pure dollar optimizing rather than value optimizing. We all have different value maximization functions - if you understand that dollars are just one type of value so called irrational behaviour is coldly rational. Dynamic time preferences for money are accepted but dynamic preference functions for other things (status, sense of self, stress level..) are ignored.