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Why We Don´T Ways Act Rationally

606 words - 3 pages

Having studied Economics at A level, I was intrigued to learn that human behaviour does not always follow the logical predictions of neo-classical models. I was perplexed as to why it was such an anomaly and so decided to do some further reading in the hope of gaining a greater understanding as to why people do not always seemingly act rationally and hence why their decisions cannot always be predicted with certainty.
‘Poor Economics’ by Banerjee and Duflo explained to me the reasoning behind many seemingly illogical decisions made by the poor. For example, previously had I been asked whether bed nets which prevent malaria should be given out for free, knowing not everyone who is at risk sleeps under a net, I would have instantly said yes they should without thinking twice. However, Economics has changed the way I look at problems and encouraged me to think deeper before forming an opinion. I am now inclined to question the situation rather than making assumptions. In this case I learnt that due to information failure some people are unaware of the extensive benefits of nets not just to themselves but to others as well and therefore make the irrational choice not to buy them, even if they can afford them. Therefore making nets free doesn’t necessarily mean they will be valued or even used. I then began to contemplate whether aid in the form of subsidisation really is the best way to support impoverished countries or whether a free market situation with less intervention would allow countries to escape poverty. It is this sort of thought provoking argument within an economic problem that has inspired me to study Economics further. I enjoy taking a real world problem, analysing and simplifying it by applying it to different economic theories.
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