Not an island!
As a counselor with a background in clinical psychology I am daily reminded no matter how so called educated us humans many of our decisions are based on factors other than what our scientific or logical brain may tell us. I “should” have realized that others in the field of psychology have made this a focus of their study. Yet, just this morning while listening to the conversation between the host of On Being, Krista Tippett and her guest, psychologist Daniel Kahneman, I was reminded of this truth. Dr.Kahneman is the author of the book Thinking Fast and Slow and won the Nobel Prize in economics for helping to create the field of behavioral economics.
Behavioral economists study the effects of “psychological, cognitive, emotional, cultural and social factors on the economic decisions of individuals and institutions ….The three prevalent themes in behavioral economics are:
I am eager to learn more about what Dr. Kahnem, Dr. Robert Shiller and others have to say on the subject. The topic of his blog is not, however, behavioral economics. The topic is “Not an island”. One would have reasonably thought that I would have assumed that:
Yet I did not make these assumptions. I continued to challenge myself and others to observe and think about how otherwise sane, intelligent humans make economic decisions. Just last Sunday I had such a discussion with a good friend who is a physicist. I could have easily have looked up economic decision making. (I just did and got many hits.)
Once again, I am reminded that I am not unique or alone. If I see or am curious about some subject there is more than likely a number of others who have made the same observation or have the same curiosity. The more I connect with others the more likely we humans will better understand and possibly even, at times change our behavior in a direction which benefits all of us. We are, after all, intimately interconnected an interdependent. Every decision each of us makes affects many other individuals and many segments of the community.
Written February 1, 2019
Jimmy F Pickett
Coachpickett.org
As a counselor with a background in clinical psychology I am daily reminded no matter how so called educated us humans many of our decisions are based on factors other than what our scientific or logical brain may tell us. I “should” have realized that others in the field of psychology have made this a focus of their study. Yet, just this morning while listening to the conversation between the host of On Being, Krista Tippett and her guest, psychologist Daniel Kahneman, I was reminded of this truth. Dr.Kahneman is the author of the book Thinking Fast and Slow and won the Nobel Prize in economics for helping to create the field of behavioral economics.
Behavioral economists study the effects of “psychological, cognitive, emotional, cultural and social factors on the economic decisions of individuals and institutions ….The three prevalent themes in behavioral economics are:
- Heuristics – Humans make 95% of their decision using mental shortcuts or rules of thumb.
- Framing. The collection of anecdotes and stereotypes that make up the mental fibers individuals rely on to understand and respond to events.
- Market inefficiencies: These include mis-pricing and non-rational decision making.” (Wikipedia)
I am eager to learn more about what Dr. Kahnem, Dr. Robert Shiller and others have to say on the subject. The topic of his blog is not, however, behavioral economics. The topic is “Not an island”. One would have reasonably thought that I would have assumed that:
- Many others individuals have noted the disparity between basic classical economic theories and how most of us humans make economic decisions.
- Many social scientists, including psychologists, would attempt to systematically study economic decision making and its effect on economic theory.
Yet I did not make these assumptions. I continued to challenge myself and others to observe and think about how otherwise sane, intelligent humans make economic decisions. Just last Sunday I had such a discussion with a good friend who is a physicist. I could have easily have looked up economic decision making. (I just did and got many hits.)
Once again, I am reminded that I am not unique or alone. If I see or am curious about some subject there is more than likely a number of others who have made the same observation or have the same curiosity. The more I connect with others the more likely we humans will better understand and possibly even, at times change our behavior in a direction which benefits all of us. We are, after all, intimately interconnected an interdependent. Every decision each of us makes affects many other individuals and many segments of the community.
Written February 1, 2019
Jimmy F Pickett
Coachpickett.org
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