My friends, the end of the semester is approaching, and there is a distinct lack of motivation in the air. That’s right, final exams are looming upon us, and understandably we are unenthusiastic about it. While I enjoy my studies, I dislike burning the midnight oil, drinking copious amounts of coffee just to stay up late at night to squeeze in that last little inch of knowledge into my brain. In times like these, I wonder why we slave away through the torture that is studying just to get good marks. My friends, why do we put up with this? Why do we choose to study at university?
There’s a lot to be learned about economics beyond lecture halls, journals and the news. Books can provide a holistic, sometimes radically different, perspective on the role of economics. What can we learn from these books? With our new weekly book review, ESSA intends to find out. This time, read on for our review of: Thinking, Fast and Slow.
Although there were many causes of the Global Financial Crisis, it is evident that the irrational behaviour of individuals had a huge role to play.
A major behavioural factor that contributed to the GFC was risk-taking behaviour; both by the employees at financial institutions, and by the general public.
This article first appeared in Short Supply 2017 – check out the full magazine via the Short Supply tab at the top of this page!
Sunk costs are one of the first things any economics student learns about. For the uninitiated, a sunk cost is defined as ‘a cost that is already incurred and cannot be recovered’. Specifically, it is taught that any rational decision maker should not take sunk costs into account when making decisions. This might seem like …