Making Use of Behavioural Economics

Our thoughts as humans could maybe be referred to as the bases of our behaviours externally in relation to the available resources with and within which we are to survive by. Although there are some psychological models which prove that what we do, we have already done in thought but we might not know in conscience. I guess that is the simplest way to put it.

The study of how humans think is Psychology. I understood in the first place reasoning on what determines what bunches of people decide on doing economically could be quiet complicated than as said. Thus I researched into Psychology to have the grasp of the concept that would best explain what I reasoned and that is Behavioural economics.

That behavioural economics is laden with interwoven models in order to explain its systems or models are what I found out –cannot learn them all in one season I must say. The models to say the fact could make one to miss the track of what took one into the concept as other concepts would mount up in the course of explaining the actual research. Behavioural economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the economic decisions of individuals and institutions and how those decisions vary from those implied by classical theory.

You should know, I believe majority of the bosses in the economic world today are behavioural economists so to say. They are brains who get around and get into the brains of other brains to know how best to legitimately manipulate them in order to produce effectively and get demands adequately. Let us not forget, what is in concern centrally is economic and psychology is just the means to it. More so, behavioural economists integrate models in psychology in their practices to simply stay afloat in their businesses. Running economics is not a game of fart or thin but a game smartness and doing the implausibles.

I now consciously know, the difference between bosses of firms and the labourers of the firms is that one has the brain power to leverage on the psyche, cognition, emotion, culture and social factors around. Thus they create a Bound based on the leverage, to ‘compel’ others to yield to their economic designs and be left with ‘no choice’ but to remain restricted within the walls they have technically built. It is much like studying an animal such as hyena that can pace fast and fight hard to get its prey to break its bone no matter how hard it maybe but cannot jump the simplest fence erected to camp it in the zoo. We should see the zoo owner as a behavioural economist who has been to the bush to examine and evaluate the thinking capabilities and other factors of hyena (the society) and after a lot of tests, captured it and zoo-ed it up for his own benefit.

This concept I believe lead to the invention of recent ideas making few to become richer in billions of dollars as they sleep in their beds or even kiss their wives goodnight. There is the Facebook because humans are social beings and thus want to connect, there is the cryptocurrency today as people want decentralisation, legitimacy, security and portability, there is the Windows (in upgrade mode) which comes with several cyber merits and there are countless more. These things were borne out of the thinkings on what the society want but they do not actually know they need. But when they taste it, there comes a shift from Want to Need. 

Simply, legit economic power will never be in the possession of everyone but for select-few. Majority have got to be the hyena while the rest will be the zoo owner. The zoo owner will of cause effectively feed and see to the well being of the hyena so that when visitors come to check it out they will want to come again to pay to see it but for the hyena is to resolve to contentment within the Bound of the owner consciously or unconsciously. 

Leveraging on peoples’ mental faculties, emotive drives, cultural values and social variations is being smart in this competitive society. There is always something there people need but they do know they need in exactness yet. It is time someone experienced a shift from being an hyena to being the zoo owner don’t you think? The morphology would not be easy or swift yes, but if practically considered taking time, you might be the next boss and brainchild at the same time. Start something new small and think big are the practicalities in behavioural economics I think. Think; exist.

© Jodekss