Hey, I am a Budding economist. I am learning the art of mastering my own thoughts, my own answers and definitely my own assumptions. Many people strongly believe that economists are crazy but what makes the difference is – PERSPECTIVE. Just other day I was reading the example that says “I have a child jimmy that has two best friends Alex and Emmy. Alex’s parents keep a gun while Emmy has a swimming pool in her backyard. As a normal parent, I would forbid jimmy to play with Alex and rather make him spend weekend at Emmy’s backyard. But I am an economist who lives on data and figures and I know that per child death from drowning is a lot more than that from a gun. So I’ll allow jimmy to play with Alex not Emmy.” Unless you are an economist you’ll directly jump to conclusions but an economist makes a complete somersault to all facts, figures and data thrice before giving a conclusion with contradict statements.
What if this doesn’t happen? What if they didn’t agree? What if the conclusion is not in our favor? These are the questions normal people think of. We economists are chilled out in this case. We know that there’s nothing that a little incentive can’t do. It’s a solution to every problem, every riddle from crimes to cheating to online dating, everything is solved with incentives. So basically, an incentive is the means to urge people to do more of good thing and a less of bad things. Your child eats vegetable all week? She wins a trip to toy store. A company creating pollution? Fined it for doing so. Life is so simple when you assume things like an economist.
One of my favorite quotes goes like: economists are expert who will know tomorrow why the thing they predicted yesterday didn’t work today. So being an economist is a complete different experience than being normal. While the whole world has head full of questions they need to find answers to, we economists have excellent tools for gaining answers but a serious shortage of interesting questions. So look around like an economist because it’s not finding answer that’ll make you smart, its exploring interesting questions that’ll boost up your brain.