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[embedded content] We Want Dance!People don't always want maximum efficiency. Economists who rely too much on maths to work out the most efficient way to run the economy will end up with everyone feeling miserable, and an economy that dives. Economics involves psychology and sociology - behaviour economics.MMT even has the Job Guarantee because it is a people reoriented economics system. What motivates us? Conventional economic theory doesn't focus on what people actually care about, they say. Money matters, but in reality people are more concerned about "purpose, belonging and dignity" than in making a few extra dollars - even when times are tough. This is a "huge blind spot in economics", says Prof Duflo, speaking to the BBC as economists often
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[embedded content] We Want Dance!People don't always want maximum efficiency. Economists who rely too much on maths to work out the most efficient way to run the economy will end up with everyone feeling miserable, and an economy that dives. Economics involves psychology and sociology - behaviour economics.MMT even has the Job Guarantee because it is a people reoriented economics system. What motivates us? Conventional economic theory doesn't focus on what people actually care about, they say. Money matters, but in reality people are more concerned about "purpose, belonging and dignity" than in making a few extra dollars - even when times are tough. This is a "huge blind spot in economics", says Prof Duflo, speaking to the BBC as economists often
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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We Want Dance!
People don't always want maximum efficiency. Economists who rely too much on maths to work out the most efficient way to run the economy will end up with everyone feeling miserable, and an economy that dives. Economics involves psychology and sociology - behaviour economics.
MMT even has the Job Guarantee because it is a people reoriented economics system.
What motivates us?
Conventional economic theory doesn't focus on what people actually care about, they say. Money matters, but in reality people are more concerned about "purpose, belonging and dignity" than in making a few extra dollars - even when times are tough.
This is a "huge blind spot in economics", says Prof Duflo, speaking to the BBC as economists often assume people will respond very strongly to financial incentives.
BBC News