All tagged Economics

Behavioral Economics in Policy Making

Behavioral Economics in Policy Making

Elsa Blease
Economics

To put it simply, the field of behavioral economics evolved as an increasing number of economists acknowledged the contributions of psychologists, who revealed that individuals do not act as traditional economic theories assumed—namely, as rational agents who consistently make decisions to maximize their expected benefits. While traditional economics recognizes decision-making based on rational economic theory, where individuals assumingly balance the benefits and costs of different actions, behavioral economics focuses on the concept that people lack self-control, make inconsistent choices over time, show selective attention, and respond unconsciously to an array of influences (Moffitt et al., 2023). People's decisions tend to be influenced by the social context in which they are made; they typically respond unconsciously to how a choice is framed and presented, and they cannot effectively navigate logistical challenges that hinder the best possible decision.

Pirate Econ 101

Pirate Econ 101

Cerine Benayoune
Economics

Disney thinks it has pirates figured out. A peg leg, a hook for a hand, a flashy moustache that swirls at the tips, and a parrot attached to their shoulder that you can tell is evil because it has angled eyebrows – all a necessary part of the uniform. That is about as far as Disney can take its pirate representation without being slammed with lawsuits by concerned parents, because the real pirates were more than just clumsy crew members who were always tripping over their own feet and bickering with children. They were violent and cruel. But most of all, they were clever. Their behaviours were not a result of unchecked impulses and potential undiagnosed psychopathy, but rather a result of calculated thinking and appliance of strategic acts that can be analysed today using modern economic theories. 

Hayek: An Overview

Hayek: An Overview

Thomas Mann
Economics

September 1945 contained multiple defining events around the world. In Germany, the Allies solidified control over their occupation zones. In Asia, the Allies rounded up Japanese forces. In the United States, factory workers began striking due to the postwar economic downturn. Lost in the shuffle is the publication of a 12-page journal article in The American Economic Review by an Austrian immigrant to the United Kingdom. The article’s author would change the economies and politics of the UK and the U.S.

Economics of Immigration in the USA

Economics of Immigration in the USA

Karnik Aswani
Public Policy

Immigration is a hotly debated issue for many countries around the world, however, there is ongoing research being conducted to understand the economic implications of immigration across various countries. Studies on the economic effects of immigration have examined a range of issues, including the impact of immigration on wages, employment, and productivity, as well as the fiscal impact of immigration on government budgets. In addition, researchers have explored the social and political consequences of immigration, such as the effects of immigration on social cohesion, political participation, and public opinion. Understanding the economic effects of immigration in different countries is important for policymakers and researchers who seek to design effective immigration policies and programs that benefit both immigrants and host societies.

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