Earlier quoted context omitted.
Rationality, in the economic sense, doesn't mean making objectively correct decisions as perceived from the outside. It means to make decisions in the furtherance of a particular subjective goal. Making decisions that later turn out to be counter to those ends does not mean that person was behaving irrationality, just that they were wrong. In other words, economically irrational actors are individuals who act consist…
> It means to make decisions in the furtherance of a particular subjective goal. The particular subjective goal is “experienced utility”, and economic rationality not only presumes that that can be meaningfully summed across time but also that the decision made will be made with perfect information as to resulting utilities and disutility and maximize the net lifetime experienced utility.
This seems like a non sequitur, and a really silly assumption. Wouldn't economic rationality assume that the decisions of actors are rational rather than based on perfect information about their consequences?