Randall Bartlett – Thinking Like an Economist: A Guide to Rational Decision Making

There are economic forces around you. You are made aware of that whenever you reach for your wallet, apply for a loan, shop for health care, or try to figure out the best credit card to carry. You don’t need to accept any outcome that those forces might press upon you. You can learn how to use the nuts-and-bolts principles to your advantage.

Learning to think like an economist can give you newfound power and confidence in a range of financial and personal situations that make up your daily life. Better decisions that save time and money, and also produce optimum results in other ways, are what you can find yourself making. You can learn more about world and national events.

There were 12 fast- moving and crystal-clear lectures. Thinking like an economist is a guide to rational decision making. Some of the fundamental principles and concepts that shape the lens through which economists view the world are presented by Professor Randall Bartlett of Smith College. He shows you how to use the analytical tools to understand what you see.

By learning to identify the many varied situations in which economics affects your life and how to wield the tools that can help you make the wisest choices in those situations, you will enhance not only your understanding of daily life but your own success. living It is.

A TOOL KIT FOR CHANGING HOW YOU LOOK AT DAILY LIFE

Many of the concepts may be familiar to you.

• People respond to incentives.
• There’s no such thing as a “free lunch.”
• There are at least two sides to every interaction.
• Everything affects everything else.
• Any action can bring with it significant unintended consequences.
• In this world of complex interrelationships, no one is really in control.

However, when used in the context of three core concepts of economic rationality, marginal analysis, and optimization that Professor Bartlett clearly lays out, his tool kit can make this perhaps the most practical, life- enhancing economics course you’ll ever take.

It is an approach that makes. Thinking like an economist. A real-life how-to guide that sets aside those often-dry economics textbooks and reveals just how often the seemingly remote forces discussed in their pages are in fact at play in your own life.

While most of us can appreciate the role those forces play in expected areas, many of us don’t pay much attention to the full impact of those economic principles into almost every other aspect of our lives.

Things will look different after a dozen lectures. You will see how basic economic ideas like incentives, risks, rewards, and rationality are not just the province of professional economists, government policymakers, or your local bank’s loan officer, but instead lie at the root of nearly every decision you must make in your daily life.

Those decisions can include.

• choosing wine from a restaurant menu,
• buying an extended warranty on that new television set,
• deciding how to get to work each morning, or
• nearly anything else you might imagine.

REAL-LIFE EXAMPLES CLARIFY EACH KEY IDEA

Professor Bartlett uses examples from his own life to show you how to do it.

• see the world as an economist sees it,
• examine the rationality of individual decisions, and
• evaluate the outcome of those decisions in terms of both personal benefit and social efficiency, which can sometimes differ.

Professor Bartlett has designed. Thinking like an economist. No previous economics education is required. He scaled his examples to include not only those situations common to us all, but also to those felt across entire countries and even the world, such as the 2008 financial crisis or the debate about global warming and the most practical ways to respond to it.

An engaging and remarkably clear teacher, Professor Bartlett has for years attracted a widespread audience to his annual lecture series on financial literacy. This course will help you understand why those lectures are so popular, and why the lessons taught in them are so valuable to you.

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