Just kidding- this is the real reason that economics is called the dismal science, but just go with me here. Economists are quick to point out that the true cost of something, whether it be a physical good, an activity, etc., is what one has to give up in order to get that thing. This [...]
Entries Tagged as 'Decision Making'
The Real Reason Economics Is The Dismal Science…
January 25th, 2013 · 19 Comments
Decision Making · Econ 101 · Happiness
Tags: Decision Making · Econ 101 · Happiness
Economists: Nature Or Nurture?
December 28th, 2011 · 6 Comments
Behavioral Econ · Decision Making · Incentives
It’s not like I can’t relate, but I would have thought that this kid would have a bright future in finance rather than economics…the only question is whether she should be a trader or work for a hedge fund, since she has clearly figured out the concept of arbitrage: I feel like there should be [...]
Tags: Behavioral Econ · Decision Making · Incentives
Quiz: Does This Really Count As The Tragedy Of The Commons?
October 7th, 2011 · 18 Comments
Decision Making · Econ 101
I wrote about the tragedy of the commons a couple of weeks ago, and I even included a musical number for your viewing pleasure. (As a follow up to one of the reader comments on the earlier article, I am pretty sure that that is not Warren Buffet in the video, but it would be [...]
Tags: Decision Making · Econ 101
In Honor Of July 4th, Some Economists’ Takes On Freedom…
July 4th, 2011 · 8 Comments
Decision Making · Happiness · Policy
Yesterday, Tony Cookson reminded us what role freedom plays in economics, at least according to Ed Glaeser: But that shift doesn’t mean that there isn’t a deep moral tenet – a belief in the value of human freedom – at the core of our discipline. Some economists made that belief explicit. In the 18th century, [...]
Tags: Decision Making · Happiness · Policy
The Dumbest Words I’ve Read Today, Now With Jon Stewart, Black Swans and Dan Ariely…
May 20th, 2011 · 7 Comments
Behavioral Econ · Decision Making · Incentives
I want to like you, Ben Stein- you knew enough economics to not need a script for your role in Ferris Bueller’s Day Off, and I definitely wanted to win your money- but I’m guessing that your father Herb, who was an actual economist, would not have been pleased with your line of reasoning regarding [...]
Tags: Behavioral Econ · Decision Making · Incentives