Tag: economics
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Beyond Homo Economicus: Incorporating Social Identity into Economic Analysis
“The purely economic man is indeed close to being a social moron. Economic theory has been much preoccupied with this rational fool.” — Richard H. Thaler Introduction As Nobel laureate Thaler contends, the economic science has been far too preoccupied with the purely economic man. This insight has never been more relevant. In a world…
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The Limits of Measurement: Goodhart’s Law in the Modern Economy
“When a measure becomes a target, it ceases to be a good measure” — Charles Goodhart (1975) Economics has long relied on indicators to simplify a complex world. Inflation, GDP, unemployment – each distils countless decisions into a single figure. Yet when policymakers start managing to the number rather than the reality it represents, meaning…
The Young Economist Initiative 