Recursive economics is a branch of modern economics based on a paradigm of individuals making a series of two-period optimization decisions over time.
Read more about Recursive Economics: Differences Between Recursive and Neoclassical Paradigms, The Recursive Model, Pioneers in The Field, Applications in Economics, See Also
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“The animals that depend on instinct have an inherent knowledge of the laws of economics and of how to apply them; Man, with his powers of reason, has reduced economics to the level of a farce which is at once funnier and more tragic than Tobacco Road.”
—James Thurber (1894–1961)