Behavioural Economics with Dr Brendan Markey-Towler
Behavioural economics integrates economics and psychology. Arguably it offers a better understanding of economic behaviour and can help us develop more effective government policies. You’ve probably heard about the concept of a “nudge”, which is straight out of behavioural economics. Dr Brendan Markey-Towler of Behaviour Innovation discusses behavioural economics with Economics Explained host Gene Tunny in this episode.
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Show Notes
Dr Brendan Markey-Towler is a Senior Consultant at Behaviour Innovation, a Brisbane-based consultancy firm specialising in behavioural change which has undertaken a range of interesting projects include Project Cane Changer. Prior to joining Behavioural Innovation, Brendan researched and taught economics at the University of Queensland and University College London. He is the author of An Architecture of the Mind: A Psychological Foundation for the Science of Everyday Life, published by Routledge in 2018.
Questions posed by Gene to Brendan included:
- How have economists traditionally thought about how people behave and make decisions? Why was it problematic?
- How has behavioural economics modified the way economists think?
- What does our new understanding of behavioural economics mean for policy (e.g. nudges, importance of overcoming biases, etc.)?
- What don't we know still that we really need to know?
Books mentioned during the discussion included:
- Nudge, by Richard Thaler and Cass Sunstein
- Thinking, Fast and Slow by Daniel Kahneman
The interview was recorded on 30 October 2019 at the Precinct innovation hub in Fortitude Valley, Brisbane.