Economic institutions and the stories we tell / Johanthan R. Brown.

Format:

Book

Author/Creator:

Brown, Johanthan R., author.

Series:

SAGE business cases.

SAGE business cases

Language:

English

Subjects (All):

Economics--Sociological aspects--Case studies.

Economics.

Physical Description:

1 online resource.

Place of Publication:

London : SAGE Publications : SAGE Business Cases Originals, 2022.

Summary:

This case is concerned with the way institutional and cultural context can provide economists with a more nuanced understanding of the way human beings behave. Economics is the study of how people make choices under conditions of scarcity. In many economic models, one can rely on individuals as well as firms to consistently make rational choices that are universally understood to be optimal. In reality, however, it is not uncommon for this universality to break down, as the definition of rational may differ from economy to economy, culture to culture, or even person to person. Sometimes, behavior that appears irrational to one person makes perfect sense in the context of a culture of which the observer is not a part. As economists begin to explore choices that are more complex, they must consider surrounding institutions, such as cultural traditions, religion, or politics, when considering the actions that people take. This case uses storytelling as an example of how one might gain insight into the institutions that inform human behavior. Every culture tells stories, and when viewed through an economic lens, the themes and motifs that resonate with a people can provide an excellent reflection of their decision-making process. This case will introduce three examples in which one might expect to see behavior that is learned within a cultural context. Specifically, these examples will discuss environmental stewardship of the Cherokee Nation, the endowment effect in the United States, and the trust placed in one another in Russian culture. Students will be asked to identify how storytelling, in each example, helps to define human behavior. Additionally, they will be asked to consider other examples in which institutional context provides insight into how people make choices.

Notes:

Includes bibliographical references and index.

Description based on XML content.

ISBN:

1-5297-9809-4

9781529798098

OCLC:

1290779339