Economics, at its very basics, is about human decision making. Our choices are almost always based on seeking benefit or avoiding pain. In other words, humans do what they’re incentivized to do, whether the incentive is a carrot (benefit) or a stick (pain). So it goes with opinions on reopening the economy — your support for, or opposition to, reopening depends entirely on your incentive. Small businesspeople are more incentivized to get back to work. Whereas those with secure jobs and incomes have discovered “working” from home is a decent gig — less hours, no commute, no annoying cubicle mates, and their income remains the same. In this episode we discuss the very real presence of personal economic bias. Humans generally do what they’re incentivized to do, even if it’s to be unemployed.
