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Sunday, March 2. 2014

Problems with Behavioral Economics


The main problem is the arrogance of the experts.


Another problem is the little itsy bitsy issue of personal freedom and free markets.


The third problem is that politics always trumps reason in policy-making.

Posted by The Barrister in Our Essays, Politics at 12:54 | Comments (2) | Trackbacks (0)

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A behavioral approach to economics is valuable for two reasons. First, it pokes a sharp stick into the eye of the Chicago School, which even today models economic actors as entirely rational. It kick-starts the replacement of simplifying abstractness from economic models with more realistic models. Second, it provides new tools for investors to dope out markets and make money and preserve wealth.

I can see where behavioral economics would be useful to those concerned with anticipating, detecting and thwarting fraud, bu think that can best be provided by the private sector, and cringe at the idea of government using behavioral economics to manage markets.
#1 Sigmund on 2014-03-02 14:40 (Reply)
And, then there is Circular Economy--the new 'Big Deal'.
http://www.ellenmacarthurfoundation.org/business/ce100

However, after 30 years of untrained women, who are unfamiliar with the ideas of rational thinking, logic, science, etc., putting forth the genius idea that: "it's my turn--i am woman hear me roar--you do the work and I'll collect the checks, distribute the money, and you can call me leader-we'll call it collaboration! I now find I am adverse to almost anything with the word collaborate used to describe it !
#2 faculty wife on 2014-03-02 16:38 (Reply)

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