a theory that tries to explain or predict economic behaviour, based on the idea that most people act in a way that is likely to cause them the maximum advantage and the minimum disadvantage
Synonyms and related words
Specific theories and beliefs
atheism
authoritarianism
behaviorism
Synonyms and related words
Economy and economics
agronomics
austerity
boom
rational choice theory
noun singular economics
US /ˌræʃ(ə)nəl ˈtʃɔɪs ˌθɪəri/
DEFINITIONS1
1
a theory that tries to explain or predict economic behavior, based on the idea that most people act in a way that is likely to cause them the maximum advantage and the minimum disadvantage