In this video, Professor and author Roger Blackwell dissects the growing field of Behavioral Economics, gleaning the wisdom of psychology and focusing on “what really happens” in the real world and why.
In his new co-authored book “Objective Prosperity,” Dr. Blackwell explores the dynamics that lead to prosperity by finding problems and going about fixing them. Citing examples of entrepreneurs who applied such tactics such as Wal-Mart founder Sam Walton, Blackwell champions bottom-up management over top-down efforts, encouraging upward mobility for all employees as a key to economic growth.
His central concept adapts human psychology into the economic mix, noting that rewarded behavior leads to repeated behavior that drives financial prosperity.
Objective Prosperity: How Behavioral Economics Can Improve Outcomes for You, Your Business, and Your Nation
by Roger D. Blackwell, Ph.D., Retired Professor, The Ohio State University and Roger A. Bailey, Ph.D., Clinical Assistant Professor, The Ohio State University
Every person comes from a different background, with different skillsets, constraints, weaknesses, and strengths. Identifying ways to increase your prosperity is made even more challenging by the reality that the success of your nation’s economy can dramatically affect your own success. This is why it’s important to understand behavioral economics and how it can improve these outcomes on both a micro and macro level.
Politicians, prickly pundits, and pompous TV personalities will promise answers for you and your nation, but consider this: Are there really one-size-fits-all answers to improve prosperity?
Blackwell’s and Bailey’s Keys to Prosperity can put you on the right path!