Evan Davis Quotes About Economics
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Personally, I don't see old economics and behavioural economics as opposed. It is useful to assume people are rational as a good approximation to their long term behaviour, but it would be unwise not to think how in practice their behaviour may deviate from that simplifying assumption.
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Although being economics editor sounds impressive, it does not mean I actually edit anything. It mainly reflects two decades of title-inflation at the BBC, which has given ever more status to senior reporters, presumably because it is cheaper to do that than to offer higher pay.
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Interestingly, human irrationality is a hot topic in economics at the moment. Behavioural economics it's called, on the cusp of economics and psychology.
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But beginners to the World Economics Forum have to understand there is no single Davos experience, and there is no single Davos community either. There are numerous tribes who interact only at a minimal level.
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Put simply, behavioural economics argues that human beings' decision-taking is guided by the evolutionary baggage which we bring with us to the present day. Evolution has made us rational to a point, but not perfectly so. It has given us emotions, for example, which programme us to override our rational brain and act more instinctively.
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I actually profoundly think the world's a better place when economics is fairly boring... The more boring the better.
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