institutions to make the choices that are most widely preferred by people in that society. Thus, when thinking

about the economic actions of groups of people, firms, and society, it is reasonable, as a first approximation, to

analyze them with the tools of economic analysis. For more on this, read about behavioral economics in the

chapter on Consumer Choices.

Second Objection: People, Firms, and Society Should Not Act This Way

The economics approach portrays people as self-interested. For some critics of this approach, even if self-

interest is an accurate description of how people behave, these behaviors are not moral. Instead, the critics

argue that people should be taught to care more deeply about others. Economists offer several answers to

these concerns.
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