Tag: Economics

What Economics Can Teach Us about Ebola

By John C. Goodman John C. Goodman There are two fundamentally different ways of thinking about complex social systems: the economic approach and the engineering approach. The thinking about Ebola at the Centers for Disease Control and Prevention (CDC) reflects the engineering approach. The behavior of everyone else reflects the economic approach. Social engineers see society as disorganized, unplanned and inefficient. The solution? Let experts take over. Social engineers inevitably believe that a plan can work even though everyone who is expected to carry it out has a self-interest in defeating it. Implicitly they assume that incentives don’t matter. Or if they do matter, they don’t matter very much. Economics is the science of incentives. Almost everything interesting that economists… View Article

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