Yeah Yeah behavioral economics has been around for a couple decades. But it's NEW to me! I listened to The Undoing Project about the friendship between psychologists Danny Kahneman and Amos Tversky and there were times when I wished I was reading it because the concepts are something I needed to see and mull over. All the while alarm bells are ringing in my head about how I can apply these concepts to my own job and work. Why does cross-discipline happen so slowly or so happenstance?
In any event, these two amazing brilliant people somehow had the good fortune (for us) to meet at Hebrew University in the early 70s/late 60s and change how we understand how people make decisions. Until Kahneman and Tversky, everyone assumed that people are rational creatures who make decisions loosely aligned to statistical probabilities and sound logic. But guess what?! We're not. We're crazy emotional beings who make decisions against logic and failing to account for this was causing economists to miss wildly in predictions.
So behavioral economics comes along and takes Kahneman and Tversky's theories and findings and blows apart all the traditional thinking about decision making and now it's a whole field and gah when can I get in on this and where can I find out more?
I love the story of two brilliant people creating very lovely mind expanding theories based on the combined strengths of the group. This was well written (of course it was it's Michael Lewis FGS). And while the science could get a little heavy it was still accessible. Loved this book and the way it made my brain want more.
4/5 Stars.
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