People make dozens of decisions in their every day life. Some of small, and others of large importance. Although, we have to make many decisions during our life it remains difficult to make the right choice on the right moment.
Machine learning, blockchain, AI – there seems to be a new buzzword every week. Is the world moving so much faster than 10 years ago? Depends on who you believe. What’s for sure is: some of those buzzwords have long transcended the stadium of ‘cool ideas’. They are transforming our very reality, boosted by corporate adoption.
As tens of thousands of people took the streets across France throughout the last couple of weeks, President Emmanuel Macron’s social and economic policy seem to have struck a nerve. The Macron government has insisted to overhaul France’s rail system and to bring changes to employment benefits and the pension system. This quite revolutionizing agenda has lead to actions of protest from railway workers and air traffic controllers to teachers and students.
“Those who cannot remember the past are condemned to repeat it.” In 2002, the 43rd President of the United States, George W. Bush declared tariffs on imported steel for a three year period, placing a tax of up to 30% on those goods. At the end, the policy lasted only 18 months and brought a number of issues with it which could be repeated very soon.
The past century has seen drastic shifts in the international financial balances, each requiring its own tailored policy response. However, finding proper responses to any shift of economic power or economic downturn has become a lengthy and complicated ordeal. What were our past alternatives, and where should we look for the future?
The amazing buzzword ‘sustainability’ has become engrained in our economy since the focus shifted from ‘shareholder value’ to ‘stakeholder value’. Regardless of the company’s nature – whether it’s a coffee bean producer or Shell – every firm has found some way in which it can position itself as a promotor of welfare. But how do we distinguish between sustainability as a marketing tool and sustainability as a radical business transformer? There is a role for every consumer.
Nearly all financial news of the past few months has been focused on one thing: a world economy in danger of overheating. Plenty of warnings, yet change does not seem to be on the horizon. Is this an unavoidable human desire to forget the evil past and dive headfirst into another mistake? Is it impossible to change this cycle?
In modern day society the relatively new field of ‘Behavioral Economics’ is booming and its applications are ubiquitous. This field studies the non-rational psychological side of economic decision making. One of its main theorems is the so-called ‘Nudge theory’, which concerns indirectly influencing the behavior and decision making of groups or individuals, by the means of nudges. Are nudges useful to society and by whom can they be used? This article aims to elucidate the answers to these questions.