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Economics

The Flaws a Nobel Prize-Winning Economist Wants You to Know About Yourself



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Here are some of the main ways behavioral economists say we let ourselves down.

\Nobel thinking.

Sorry to say it, but you’re not perfect. We like to believe that we are smart, rational creatures, always acting in our best interests. In fact, dominant economic theory these days often makes that assumption.

What was left of this illusion was further dismantled by the The Royal Swedish Academy of Sciences, who awarded the Nobel prize in economics to Richard Thaler, an American economist at the University of Chicago, for his pioneering work in behavioral economics, which examines humanity’s flaws—namely, why we don’t make rational economic decisions.

Why Is Behavioral Economics So Popular?



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Behavioral economics seems to have captured the popular imagination. Authors like Michael Lewis write about it in best sellers like “The Undoing Project,” while pioneers of the field like Daniel Kahneman popularize it in books like “Thinking, Fast and Slow.” Its lexicon of “nudging,” “framing bias” and “the endowment effect” has become part of the vernacular of business, finance and policymaking. Even “Crazy Rich Asians,” the summer’s blockbuster romantic comedy, features an explicit nod to “loss aversion,” a key concept in the field.

Digital globalization: The new era of global flows





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Soaring flows of data and information now generate more economic value than the global goods trade.

Conventional wisdom says that globalization has stalled. But although the global goods trade has flattened and cross-border capital flows have declined sharply since 2008, globalization is not heading into reverse. Rather, it is entering a new phase defined by soaring flows of data and information.

Remarkably, digital flows—which were practically nonexistent just 15 years ago—now exert a larger impact on GDP growth than the centuries-old trade in goods, according to a new McKinsey Global Institute (MGI) report, 

How equal do we want the world to be? You'd be surprised






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The news of society's growing inequality makes all of us uneasy. But why? Dan Ariely reveals some new, surprising research on what we think is fair, as far as how wealth is distributed over societies ... then shows how it stacks up to the real stats.
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(To watch the video, please follow the link below)

















The surprising thing I learned sailing solo around the world





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What do you learn when you sail around the world on your own? When solo sailor Ellen MacArthur circled the globe – carrying everything she needed with her – she came back with new insight into the way the world works, as a place of interlocking cycles and finite resources, where the decisions we make today affect what's left for tomorrow. She proposes a bold new way to see the world's economic systems: not as linear, but as circular, where everything comes around.

The Business of Behavioral Economics






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You've done everything—endured diets, purged your freezer of Ben & Jerry's, and educated yourself on fat, sugar, and calories. Yet, you can't manage to lose weight.

What's wrong with you? According to standard economic theory, which gives humans (perhaps too much) credit for making rational choices, those efforts should be enough to change your behavior. If you know the consequences but still get fat, you must want to be overweight.