Tag Archives: rationality

Misunderstanding rationality

(Featured image credit: Les Colporteurs CC0) It is tempting to equate ‘rational’ with ‘right’, and ‘irrational’ with ‘wrong’, but that is mistaken The lottery is sometimes called a tax on the stupid. The logic behind this opinion is that the … Continue reading

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The true meaning of a gift

(featured image credit: pexels/pixabay) It’s not necessarily what is in the box that matters The season of goodwill and of finding suitable gifts for relatives and friends is upon us once again. It’s also the time of the year when economist … Continue reading

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Wisdom or certainty?

(featured image credit: PeterKraayvanger/pixabay) Both wisdom and certainty are valuable, but if you have one, you can’t have the other Whenever we decide to spend money on something, we are doing what economists call allocating a scarce resource one way rather … Continue reading

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Useful ‘Nobel’ Economics? You bet!

(featured image credit: edar/pixabay) How a winner of the Economics ‘Nobel’ prize may help run organizations better They say the way to hell is paved with good intentions. Arguably, anyone intent on paving the way to hell might find more … Continue reading

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Save us from Commodification

Is increasing commodification a problem, and if so, can behavioural economics help avert it? Is the massive growth of the so-called sharing economy, typified by the likes of Uber and AirBnB, a sign of a trend towards a more closely … Continue reading

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Did emotions kill economic man?

‘Emotional’ is not the opposite of ‘rational’ It may not strictly be considered the same as ‘irrational’, but the term ‘emotional’ is often regarded as diametrically opposed to ‘rational’. Perhaps dividing people in ‘emotional’ and ‘rational’ types would be all … Continue reading

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