Read Tyler Cowen's posts on the Penguin Blog.
In "Discover Your Inner Economist" one of America's most respected
economists presents a quirky, incisive romp through everyday life
that reveals how you can turn economic reasoning to your
advantage--often when you least expect it to be relevant.
Like no other economist, Tyler Cowen shows how economic
notions--such as incentives, signals, and markets-- apply far more
widely than merely to the decisions of social planners,
governments, and big business. What does economic theory say about
ordering from a menu? Or attracting the right mate? Or controlling
people who talk too much in meetings? Or dealing with your dentist?
With a wryly amusing voice, in chapters such as "How to Control the
World, The Basics" and "How to Control the World, Knowing When to
Stop" Cowen reveals the hidden economic patterns behind everyday
situations so you can get more of what you really want.
Readers will also gain less selfish insights into how to be a
good partner, neighbor and even citizen of the world. For instance,
what is the best way to give to charity? The chapter title "How to
Save the World--More Christmas Presents Won't Help" makes a point
that is every bit as personal as it is global.
Incentives are at the core of an economic approach to the world,
but they don't just come in cash. In fact, money can be a
disincentive. Cowen shows why, for example, it doesn't work to pay
your kids to do the dishes. Other kinds of incentives--like making
sure family members know they will be admired if they respect
you--can work. Another non- monetary incentive? Try having everyone
stand up in your next meeting if you don't want anyone to drone on.
Deeply felt incentives like pride in one's work or a passing smile
from a loved one, can be the most powerful of all, even while they
operate alongside more mundane rewards such as money and free
food.
"Discover Your Inner Economist" is an introduction to the
science of economics that shows it to be built on notions that are
already within all of us. While the implications of those ideas
lead to Cowen's often counterintuitive advice, their wisdom is
presented in ordinary examples taken from home life, work life, and
even vacation life... How do you get a good guide in a Moroccan
bazaar?
Read Tyler Cowen's posts on the Penguin Blog.
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