56. Economics and Life Hacks: Using Economic Thinking to Make Better Decisions

(45 min 31 sec)

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How can thinking like an economist improve your decision-making? Join Enoch and Tim as they discuss several common pitfalls people fall into in making decisions. Whether it’s buying and selling stocks, choosing to start a business, or simply deciding to keep reading an arduous novel, we often make irrational decisions. Sunk costs, loss aversion, and the endowment effect are explored in this first of a multiple episode series on using economic thinking to improve your decisions.

Credits: Drew Elliot (music) with additional thanks to the Wheaton Center for Faith, Politics & Economics.