One of America's most respected economists presents a quirky, incisive
romp through everyday life that reveals how you can turn economic
reasoning to your advantage--often when you least expect it to be
relevant.
Like no other economist, Tyler Cowen shows how economic notions--such as
incentives, signals, and markets--apply far more widely than merely to
the decisions of social planners, governments, and big business. What
does economic theory say about ordering from a menu? Or attracting the
right mate? Or controlling people who talk too much in meetings? Or
dealing with your dentist? With a wryly amusing voice, in chapters such
as "How to Control the World, The Basics" and "How to Control the World,
Knowing When to Stop" Cowen reveals the hidden economic patterns behind
everyday situations so you can get more of what you really want.
Readers will also gain less selfish insights into how to be a good
partner, neighbor and even citizen of the world. For instance, what is
the best way to give to charity? The chapter title "How to Save the
World--More Christmas Presents Won't Help" makes a point that is every
bit as personal as it is global.
Incentives are at the core of an economic approach to the world, but
they don't just come in cash. In fact, money can be a disincentive.
Cowen shows why, for example, it doesn't work to pay your kids to do the
dishes. Other kinds of incentives--like making sure family members know
they will be admired if they respect you--can work. Another non-monetary
incentive? Try having everyone stand up in your next meeting if you
don't want anyone to drone on. Deeply felt incentives like pride in
one's work or a passing smile from a loved one, can be the most powerful
of all, even while they operate alongside more mundane rewards such as
money and free food.
Discover Your Inner Economist is an introduction to the science of
economics that shows it to be built on notions that are already within
all of us. While the implications of those ideas lead to Cowen's often
counterintuitive advice, their wisdom is presented in ordinary examples
taken from home life, work life, and even vacation life... How do you
get a good guide in a Moroccan bazaar?
