For any given individual, the narratives we tell ourselves about how the world works or how events play out becomes our ‘truth’ and can very easily take precedence over facts.
All tagged homo economicus
For any given individual, the narratives we tell ourselves about how the world works or how events play out becomes our ‘truth’ and can very easily take precedence over facts.
Can Economics show how, the most irrational and illogical – by conventional wisdom, anyway – emotion that humans have can be rational and utility maximising?
Far be it for me to predict what will happen in 2016 in terms of GDP growth, the Ringgit, exports growth and so on - it would perhaps be better for me to opine on how we can continue to play our part to grow our ‘commons’ amidst very challenging times.
Hyperbolic discounting happens because we consider the future as far less salient than the present. Figuring out if we ourselves are hyperbolic discounters may change what we think about whether we should withdraw our money at 55 or at 60.
I am somewhat puzzled and concerned over the absence of any mention of improving economic realities in the fight against crime.