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Human nature integrated into economic planning
Author :   Source : Chinese Social Sciences Today 2016-08-27
The China Association for Ethical Studies’ first International Summit Forum on Virtue was held on Aug. 13 in Wuhan, central China’s Hubei Province. At the summit, Zhejiang University Vice-President Luo Weidong emphasized the role human ethics and emotions play in the construction of economic mechanisms. Luo said people often behave irrationally in defiance of one of the basic premises of traditional economic theory. The “endowment effect,” “loss aversion” and “inequity aversion” have become the core concepts in various branches of the economy. Some scholars agreed with him, saying market failure is a problem rooted in mankind’s limitations as an organism. Therefore, the design of institutions, organizations and policies should be based on authentic human nature. A behavioral assumption in accordance with human nature, especially the logic of human emotion should be explored, Luo said.
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