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Everything written by Jeremy Kidd on law, economics, and more

‘Uncertainty, Evolution, and Economic Theory,’ by Armen Alchian

One of the most persistent criticisms of law & economics is that it rests on unrealistic assumptions. Economic models often assume firms maximize profits, investors respond rationally to incentives, and market participants systematically adjust their behavior in predictable ways. Critics frequently point to these assumptions as evidence that economic analysis is detached from reality. Real ... ‘Uncertainty, Evolution, and Economic Theory,’ by Armen Alchian