Orrell – Introducing Economics: A Graphic Guide

Book page: orrell-introducing-economics-graphic

From: Quotes batch 17

---

Concept

“Economics is the study of how we value things, but we often confuse the price of a thing with its actual value.” (p. 10)

Behavior

“The ‘Rational Man’ is a fiction; human behavior is driven by biases, heuristics, and social pressure.” (p. 54)

Game Theory

“Game theory shows that cooperation can be the most selfish choice when the game is played repeatedly.” (p. 122)

Cognition

“We perceive the economy as a machine because our brains prefer simple mechanical metaphors over complex organic ones.” (p. 86)

Memory

“Market crashes are often caused by the ‘short memory’ of investors who forget the lessons of the previous decade.” (p. 158)