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by matthewcieplak
5504 days ago
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The flaw in your analysis, and your linked article, is following the fallacy of Homo Economicus, which is
"an arbitrary definition of man, as a being who inevitably does that by which he may obtain the greatest amount of necessaries, conveniences, and luxuries, with the smallest quantity of labour and physical self-denial with which they can be obtained."
http://en.wikipedia.org/wiki/Homo_economicus In reality, humans rich and poor alike have many considerations of equal or greater importance than their utility function. For example, people not work full-time because they are in school, because they are practicing an art or craft, because they are taking care of family, because they have a wealthy benefactor, because they are employed in an illegal trade like drugs or prostitution, or because they are trying to break into a difficult industry like film. |
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If you wish to claim that the poor disproportionately prefer to gain other things than wealth (e.g., they prefer hobbies/long shots over work which might earn them $0-30k), you are agreeing with me.