Unintended Consequences of Well-Intentioned Policies
by Roger D. Blackwell and Roger A. Bailey
For any person, life is full of decisions. Often, these decisions are made to solve a problem or to seek out increased happiness and prosperity. The policy decisions of a nation are typically well-motivated to achieve the same purposes.
Consider the last “big decision” you made in your life and consider the following question: Were there consequences from that decision that you did not anticipate?
Whether big or small, most decisions come with consequences that were not anticipated. These consequences could be positive or negative but should always be considered when making a decision. Objective application of behavioral economics can often help in identifying unintended and unwanted consequences before they become reality. Considering unintended positive consequences is also an important part of the cost-benefit analysis of an action or policy.
This free chapter is from the book OBJECTIVE PROSPERITY: How Behavioral Economics Can Improve Outcomes for You, Your Business, and Your Nation by Roger D. Blackwell and Roger A. Bailey
“This book, Objective Prosperity, will make you think. What factors influence the chances for individual success and national prosperity? How does behavioral economics help us understand who is financially rewarded? How can you prosper even if you were born poor? What is the best way to manage your savings? The authors cite the thoughts of many profound thinkers on how to live a rewarding life.” – Philip Kotler, S.C. Johnson & Son Distinguished Professor of International Marketing, emeritus, Kellogg School of Management, Northwestern University.
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