Info~ People don't always make rational, self-interested economic decisions. That results in skewed, but not irrational decisions. Societies and governments need to step in to provide 'nudges' so that people make better decisions. Prices often don't reflect total cost. The clearest case for externalities is in the climate change debate. Our price of hydrocarbons in no way reflects the future cost to the planet of rising temperatures.
Governments can enact regulations and taxes to internalize those costs and it can support R&D to develop alternatives.

Question~ Does a shift towards behavioral economics undercut its usefulness as a tool for understanding our economy and society? Is the end of economics or does it open the door to the beginning of a new kind of analysis?

Can anyone give me there opinion? thanks!

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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