Can we make economic theory more accurate if we base it on behavioural science?
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Can we make economic theory more accurate if we base it on behavioural science?
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In the previous episode, Robert castigated economics and economists' concept of 'utility' as fundamentally flawed, leading to models whose predictions keep being wrong. This week, Robert sketches out a way of thinking about utility that could improve economic modelling, yield more accurate predictions, and provide a more rational basis for macro-economic policy. A bold claim ... but this is a podcast, not an academic paper!
Want more? Check out our latest books:
Energise: The Secrets Of Motivation: https://shorturl.at/bbA7y
React: Harness Your Animal Brain: https://shorturl.at/yiFQ9
Sign up to Robert’s Substack: https://robertwest100.substack.com/
Subscribe to the UBC YouTube channel: https://www.youtube.com/@unlockingbehaviourchange
Ask a question at: https://www.unlockingbehaviourchange.com