Social Economics

Social Economics is a branch of economics and social sciences that puts focus on studying and analyzing the relationship between social behavior and economics.

It attempts to explain how a particular social group or social class behaves within a society and this includes their actions as consumers.

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Hobbies take work and turn it into leisure, and take leisure and turn it into work. Hobbies occupy the borderland that is beyond play but not yet employment.

There’s a growing trend of people turning their hobbies into side hustles. If hobbies are this good, why do we try to turn them into work?

The study to increase donations above current levels does not deny that some people are giving out of altruism, but rather that an appeal to self-interest is effective.

In an ideal world, charity is its own reward. In this world, it helps to remind people that they can feel wonderful after donating to a cause.

  • The Prospect Theory suggests individuals are more sensitive to a loss than a gain of an equal amount. The urge to get in the black is so strong that people are motivated to pay off small debs without considering their interest rates.
  • The Goal-Gradient Theory supposes that consumers are more willing to make an effort towards small debt just to finish paying them off.
  • People do not take into account how interest compounds over time.

If the modern paper-money economy were to collapse, we would fall back to gold.

  • People need to find ways of working together, which leads us to find ways of exchanging goods and services.
  • Gold is the logical choice of this exchange as it is one of the only substances on earth will the right qualities for the job.
  • If society agrees to turn gold into coins into a system of exchange, then gold coins would instantly assume value.

That means that gold will always have value in difficult and in good times.

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