Master of Puppets
Media Type: Music Topic: Elasticity, Behavioral Economics
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Based off of the James Hetfield lyrics in the song "Master Of Puppets," describe why someone would continue to engage in behavior that is self-damaging, expensive, and time consuming. What effect does past consumption have in an addictive setting? How does an addiction make sense economically? You might want to refer to the article "A Theory of Rational Addiction" by Gary S. Becker and Kevin M. Murphy.
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