Opinion Think like an economist: learn these four principles for success
Cue a collective outburst of resolution-making, goal-setting and generalised navel-gazing –aforementioned navels being somewhat distended by the excesses of the holiday season.
So, if you’re keen to extend your System 2 thinking well into the new year – and beyond – here are four core principles of economic literacy identified in a recent paper by the Reserve Bank economists Madeleine McCowage and Jacqui Dwyer.
A decision to go to the movies is, in truth, a cascading ripple of other decisions to, for example, not go for a bushwalk, not take a nap, not go for a bike ride or, indeed, to not work an extra hour and get more income. How many shoes should you own? Julie Bishop’s “resignation” red shoes have become an icon of Australian political life.Economists advise breaking down such decisions into smaller decisions and – crucially – thinking “at the margin”. Have one kid and see how you like it. Then, you can think about whether the benefits of having an additional child outweigh the costs.costs and benefits entailed by different choices.
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