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Ridiculous, of course. Yet for two centuries, that’s exactly how economists envisioned consumers when they thought about them at all. The problem? They did not know how to account for consumer taste, which was deemed too irrational to quantify. Then along came Gary S. Becker and his University of Chicago colleagues.
No, Becker said, consumers aren’t amnesiacs. They have pasts that form their expectations of pleasure in the future. They live in a society that shapes their tastes.
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