This book identifies the theory of economic personality, which leads individuals to exhibit predictable behaviors without being rational. It argues that the individual is not rational; what is rational is the systematic repetition of behaviors dictated by economic personality.
This work makes elasticity—one of the most useful concepts in economics—accessible to students and the general public. Using only basic arithmetic and algebra, it illustrates the concept’s meaning with a microeconomic focus and a unique macroeconomic example from World War II.