Thursday, 7 March 2013

How economists think

Politics Aside, a Common Bond for Two Economists

" The field of economics offers a lens through which to view the world. For those who buy into it and pursue it as a career, it provides a foundation of a personal and political philosophy. It forever sets you apart — for better or worse — from mere muggles."

Economists have a very peculiar way of thinking. I have studied economics and loved it. I wouldn't consider myself as the average person.

Why do people vote?
The Paradox of of voting is one of the most analysed topics in Political Science and Political Economy.

For economists, a citizen who bothers voting and is not pivotal, so mostly all the time, is ultra weird.

opportunity cost
thinking at the margin
prisoner's dilemma
why marry

Easterlin paradox: Why don't money bring happines??

For economists, social norms do not exist (at least not yet). Feelings also do not exist. It is extremelly weird for example that when people play the Ultimatum game they most of the times offer 50c to the other player and not what a homo-economicus would do, i.e. offer 1 cent to other player and get 99c himself.

If economists agree on something, the public will almost certainly think differently

Opportunity Cost...

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