an economy strives to create balance between........... resources........ and needs
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Answer:
Highlights
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Standard economics leaves out of account key social influences on preferences and cognition.
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Individuals are “enculturated actors,” not rational or quasi-rational actors.
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The range of possible equilibria and policy tools is much broader than with rational actors.
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Large-scale social change may be caused by simultaneous frame switches by many individuals.
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Political reservations for women and self-help groups have changed perceptions and preferences.
Abstract
This paper is an attempt to broaden economic discourse by importing insights into human behavior not just from psychology, but also from sociology and anthropology. Whereas in standard economics the concept of the decision-maker is the rational actor, and in early work in behavioral economics it is the quasi-rational actor influenced by the context of the moment of decision, in some recent work in behavioral economics, the decision-maker could be called the enculturated actor. This actor's preferences, perception, and cognition are subject to two deep social influences: (a) the social contexts to which he has become exposed and, especially, accustomed; and (b) the cultural mental models—including categories, identities, narratives, and worldviews—that he uses to process information. The paper traces how these factors shape behavior through the endogenous determination of preferences and the lenses through which individuals see the world—their perception and interpretation of situations. The paper offers a tentative taxonomy of the social determinants of behavior and describes the results of controlled and natural experiments that only a broader view of these determinants can plausibly explain. The perspective suggests more realistic models of human behavior for explaining outcomes and designing policies
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Explanation:
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