What's the first thing you think about when you hear 'economics'? Most people think of Wall Street, finance, saving money, or statistics. Others might think these topics are just for people who are experts in these fields, but they're wrong. Economics is something bigger than us, its a field for everyone, every age and moreover, it is just like science, aspects of it can be found everywhere we look. As you analyze your everyday life, you can find out that you constantly engage with economics From the use of money, to choosing and buying groceries, or betting on the weekend game, buying a gift, or investing online, through to using apps to decide whether to walk or to use the car and so to buy some gasoline.
These actions are all economic decisions, revolving around a concept called opportunity cost. The interest is in using economic theory to decode people's behaviour, problems start to emerge as people don't tend to follow theory, decisions stick out. So insights from other disciplines are brought in from fields like psychology, biology, and even history. What emerges from this rich concoction is often fascinating, and almost always more revealing than dry economics alone.
The book Misbehaving: Making of Behavioral Economics by Richard Thaler lies exactly at this attractive intersection and reads in a creative, interactive, and accessible way to decode decision-making. This book is one of the representative works of Richard H. Thaler, winner of the 2017 Nobel Memorial Prize in Economic Sciences...
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