The Role of Behavioural Economics in Fostering Development
The recent work published by the 2024 Economics Nobel Prize winners has brought to light once again the role institutions play in economic development, making some countries rich and others poor. However, in modern society, it is important to consider the role behavioural economics plays in this, as acknowledged in the “World Development Report” by the World Bank. Policies aim at solving or preventing existing problems by incentivising alternative decision-making on behalf of individuals and firms. But “some of the simplifying assumptions of economics are not always correct”, as humans are not rational Econs (The Economist, 2014). ….[READ]
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