Fuck "Revealed Preference"
Give 'Em What They Want There is no greater thought-terminating cliche than "revealed preference". If you ever meet a person using this phrase, run. For those not familiar with this phrase, it was coined by economist Paul Samuelson in 1938, in his paper, "A Note on the Pure Theory of Consumer's Behavior." Samuelson was a self-described Keynesian economist who later wrote a popular economics textbook, "Economics: An Introductory Analysis." (As Samuelson himself once remarked, "Let those who will write the nation's laws, if I can write its textbooks.") He also wrote a popular newspaper column about economics. Gradually, the term spread through the field of economics, and then into broader culture. Samuelson's initial discussion of revealed preference was modest and technical, describing a way of measuring consumer behavior. And understood that far, revealed preference is a perfectly reasonable standard by which to make...