Summary of George A. Akerlof & Rachel E. E. Kranton's Identity Economics

Everest Media

Description

Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 Identity economics is the study of how people’s notions of who they are, and how they are supposed to behave, affect how economies work. It is used to explain why certain norms exist, and how they affect the economy.
#2 The name of the game on Wall Street is making money, but the company’s financial success stems from an ideal that is remarkably similar to that of the U. S. Air Force: Service before Self. Employees believe that they are to serve the firm above all else.
#3 Until now, economists have lacked the language and analytical tools to study such norms and motivations. This book provides both a vocabulary and a unifying analytical framework to study such motives.
#4 Economics, for better or for worse, pervades how policy makers, the public, and the press think. Modern economics is a social science designed to create a good society.

Sujets

• Business
• Economics
• Microeconomics

Informations

• Publié par: Everest Media LLC
• Date de parution: 17 mai 2022
• Nombre de lectures: 0
• EAN13: 9798822514041
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

Insights on George A. Akerlof & Rachel E. E. Kranton's Identity Economics
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4
Insights from Chapter 1

#1

Identity economics is the study of how people’s notions of who they are, and how they are supposed to behave, affect how economies work. It is used to explain why certain norms exist, and how they affect the economy.

#2

The name of the game on Wall Street is making money, but the company’s financial success stems from an ideal that is remarkably similar to that of the U. S. Air Force: Service before Self. Employees believe that they are to serve the firm above all else.

#3

Until now, economists have lacked the language and analytical tools to study such norms and motivations. This book provides both a vocabulary and a unifying analytical framework to study such motives.

#4

Economics, for better or for worse, pervades how policy makers, the public, and the press think. Modern economics is a social science designed to create a good society.

#5

The economist’s assumption that people’s preferences are independent of social context is false. People’s preferences actually depend on their identities. For example, some people care more about being fair than others.

#6

We learn a lot from watching others. People typically divide themselves and others into social categories, and these social categories are automatically tied together with norms. Norms are particularly clear when people hold an ideal of who they should be and how they should act.

#7

The merry-go-round experiment is a small slice of American life that demonstrates how people are affected by norms. When people are doing what they think they should be doing, they are happy. But when they are not living up to the norms that others have set for them, they become unhappy.

#8

Identity, norms, and social categories are all incorporated into economics. They are a person’s identity, which defines who they are, their social category. Norms affect behavior, and they differ depending on a person’s social category.

#9

The concept of identity has the same versatility as the traditional notion of supply and demand. It can be used to describe the interactions of an instant, a day, a few years, a lifetime, or generations. In each case, we use it in the relevant context.

#10

Part 1 of the book builds the framework of identity economics.