Is Following a Rule-Of-Thumb Rational? Can It Ever Be Rational

question 13

Essay

Is following a rule-of-thumb rational? Can it ever be rational to be irrational?

---

Definitions:

Leather Wallets

Items crafted from leather designed to hold cash, cards, and other small personal items.

Domestic Price

The price of a good or service within a country's borders, influenced by domestic supply and demand conditions.

Free Trade

Cross-border trade allowed to proceed without any tariffs, quotas, or imposed restrictions.

Domestic Consumption

The total amount of goods and services consumed within a country's borders, reflecting the living standards and economic health of its population.