Tag: rational decision making

10 Flaws with Mainstream Economics

Post author By Tom Spencer
Post date July 26, 2021
4 Comments on 10 Flaws with Mainstream Economics

Having taught undergraduate economics for a number of years, I wanted to pen a list of some of the ideas that appear flawed but which form the basic pillars of mainstream economics. Although professional economists are often familiar with the weak points in their discipline, the problem lies in the fact that the ideas are […]

Tags comparative advantage, deadweight loss, economic rent, equilibrium, factors of prodcution, loss aversion, perfect competition, profit maximisation, rational decision making, willingness to pay

Frameworks

The Coin Flip

Flip a coin. Make a decision HAVE you ever had two options, and found it difficult to choose between them? You may have applied for MBA programs and received offers from Oxford and Cambridge. You may have been offered a new job from a competing firm. Or, you may have been trying to decide what to […]

Tags Business Strategy, Coin Flip, consulting, decision making model, decision making process, decision making skills, decision making techniques, decision making tools, Franklin's Gambit, Management Consulting, rational decision making