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If you don't understand why incentives rule everything, you can't competently theorize about anything. You're stuck in stories without the ability to even scrutinize your own allegiance to one narrative over another. It's the bare minimum for model-building and we don't teach it.
Incentives go far beyond traditional contracts and exchanges of cash, they help explain social hierarchies, the spread or "memory-holing" of ideas, why new technologies are created and how their ultimate utilization often confuses or concerns the creators themselves
Studying economics is a wonderful way to learn about the power of incentives, or it was for me at least
lest the kids become leery of capitalism and second guess the obligatory 6-figure debt that education will ultimately saddle them with. (incentives)
Sometimes I think capitalism is forgotten science
Recommend any good psychology books on it?
Econ not psych, but this is great accessible introduction material:https://www.econlib.org/library/Topics/College/incentives.html …
People love to dunk on Austrian economics for its prescriptive associations, but it's very insightful as a strictly descriptive theory.
Just today, I thought how interesting a social network dedicated to identifying and discussing incentives would be.
You can't comprehend Marx without understanding incentives.
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