Rational actors make decisions based on selfinterest from "summary" of The Economics Book by DK
Rational actors are individuals who are driven by self-interest when making decisions. This means that they carefully weigh the costs and benefits of each option available to them, and choose the one that will bring them the greatest personal gain. In other words, they act in a way that they believe will maximize their own well-being. This concept is a fundamental assumption in economics, as it provides a basis for understanding how individuals make decisions in a world of scarcity. By assuming that people are rational actors, economists can predict how they will respond to changes in their environment, such as shifts in prices or incomes. Rational actors are not necessarily selfish or greedy. Instead, they are simply individuals who act in a way that they believe will benefit themselves the most. This could mean making decisions that benefit their family, community, or society as a whole, as long as they believe that doing so will ultimately be in their best interest. The concept of rational actors is important because it helps economists to understand how individuals make choices in a complex and uncertain world. By assuming that people are rational, economists can develop models that predict how individuals will respond to changes in their environment, and how these responses will ultimately affect the economy as a whole.- The concept of rational actors provides a powerful framework for analyzing human behavior and decision-making in the field of economics. By understanding how individuals make decisions based on self-interest, economists can gain valuable insights into how markets function, and how policies can be designed to promote the well-being of society as a whole.
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