T. Rowe Price – Economic Update – “The Return of the Economist”
Description
While most people think of economists as seers who try to predict the future of the stock market, government deficits, unemployment and similar areas, this is a far too parochial a view of what economists do. The really fascinating economists are engaged in the study of human behavior. The most fertile minds in economics today deal with observing the world and trying to understand it, not predict it. This course will explore how economics can be used to explain everyday behavior, in a myriad of real life situations. By discussing the work of the most influential and seminal minds in the economics profession, attendees will gain an appreciation for how the economist views the world and the power of their theories to explain why people behave the way they do and then be able to apply it to their approach to doing business.
Learning Objectives
Learn why economists assume people are rational even though, at times, this assumption seems to be false
Explore how to use various economic models and theories to explain how people behave, and how they will react to various policies and incentives
Understand the principle of revealed preference, and why there is usually a gap between what people say and what they do
Gain an understanding of the critical importance of price theory, and how prices transmit information, allocate resources, and distribute income
Debate the morality and ethics of various policies and issues facing citizens today
Major Topics
How parents decide to divide their wealth
Population growth: Blessing or curse
Does the government deficit and the trade deficit hurt or help the economy
Should the tax code be scrapped What would replace it
Why do laundries charge less for men’s shirts than for women’s
Do companies really plan obsolescence
Why are shopping carts getting bigger
Why is movie theater popcorn so expensive
Should there be a free market in human organs
Why we are getting so fat
Provider
Business Learning Institute
Course Level
Basic
Professional Area of Focus
T Shaped Professional Strategic and Critical Thinking
CPE Field of Study
Economics
4.0
Who Should Attend
Anyone who wants to gain a better understanding of human behavior and explore the ideas of the worlds most innovative economists
