Economics
The academic discipline that explains the production, distribution, and consumption of scarce resources in terms of people's choices. It is distinct from the Economy that it studies.
In 2005, Yale researchers taught capuchin monkeys to use metal tokens as currency. The monkeys developed gambling and loss aversion spontaneously. Some males exchanged tokens with females for food.
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Economist Kenneth Arrow mathematically proved in his doctoral thesis that no voting system with three or more candidates can satisfy all basic fairness conditions for democracy at once. This "impossibility theorem" earned him the Nobel Prize in Economics.
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