What are Folk Economic Beliefs?
In the modern world, many of the topics about which people have opinions are some distance away from any actual experience or expertise that these same people have. In this situation, people are unlikely to form their opinions with a deep dive into relevant history, data, and academic research. Instead, they are more likely to turn to a mixture of personal experience and mental models. In a 2018 paper in Behavioral and Brain Sciences, Pascal Boyer and Michael Bang Petersen referred to this as “folk economics” and discuss “Folk-economic beliefs: An evolutionary cognitive model.” ….[READ]
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