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rational-economic man

a construct introduced in the work of Scottish economist Adam Smith (1723–1790): The rational-economic man makes decisions based on the rational analysis of potential and desired outcomes and acts in his (or her) own rational self-interest. This assumption lies behind the classical economic theories of capitalism and the classical political philosophies of liberalism. Its influence can also be seen in psychology, most theories and models of which assume a human being capable of reason and highly motivated to act out of self-interest. Recent research suggests that people are often ruled more by emotional and cognitive biases than by rational self-interest when making economic and other decisions. See eudemonism; hedonism. See also behavioral economics; bounded rationality.

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Psychology term of the day

November 28th 2024

cocaine withdrawal

cocaine withdrawal

in DSM–IV–TR, a characteristic withdrawal syndrome that develops after cessation of (or reduction in) prolonged, heavy consumption of cocaine. The essential characteristic is depressed mood, sometimes severe, and there may also be fatigue, disturbed sleep, increased appetite, vivid and unpleasant dreams, or psychomotor retardation or agitation, or all of these features. Marked withdrawal symptoms (see crash) often follow an episode of intense, high-dose use. The equivalent term in DSM–5 is stimulant withdrawal. See also substance withdrawal.