A subject of great interest to me of late is decision making. From the outside it may seem like a discussion of this subject could possibly be bland and lack anything valuable enough to be used in the fast paced, information abundant world of today. But contrary to this belief, once one delves into the depths of decision making, it becomes clear that it actually holds some of the most fascinating ideas of our time. Read more
Posts tagged ‘Rationality’
Throughout recent history rationality has been praised like a sort of superpower. We are taught that rational thinking is the best way to solve problems and make critical decisions. In the bigger scheme of things it also helps on an economic level, due to the fact that if people are being rational decision makers, then it becomes easier for economists to predict trends using their mathematical models.
But are people as rational as most economists would like to believe? Probably not, and as I will explain to you, it is a far bigger problem than just a lack of education.