Sunday, April 13, 2014

Economics Encourages Enlightenment

An ever-changing world benefits from individuals who can adapt and flex their thinking. Among the many fascinating concepts put forth in Thinking Like An Economist: A Guide to Rationale Decision Making by Randall Bartlett (Smith College), this one really caught my attention: "You don't have well-defined, memorized rules and answers to any question that arises. You have a framework to provide the questions necessary to think your way through, analyze, and reason your way to an important decision." Each component of those two sentences captures a critical concept seemingly contrary to the things valued in today's world and yet so incredibly important to our securing sustainable success. It isn't about the answers as much as it is about the value of a structured process through which you explore concepts, scenarios, and potential outcomes so that you can be more certain of having overturned necessary rocks and looked under otherwise insignificant stones. Economics offers valuable insights on the process of thinking and the practicality of exploring alternatives. May we remember to embrace that thinking and expand upon those ideas.
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