Where: Casa Turca – Avinguda del Portal de l’Àngel, 42
(This as central in Barcelona as it seems. It’s a cultural institute located in the 3rd floor)
Seminar #1. Monday October 7th, 3.45PM – 5.20PM
Speaker: Jason Dana (.htm) – Yale University
Title: “Lay Economics”
Abstract: Lay economics (also called folk or intuitive economics) is the economic reasoning of laypeople. Similar to well-documented lay versions of other sciences, such as physics, lay economic beliefs systematically deviate from economic science. Lay economics differs from behavioral economics in that the latter is mostly limited to economics of the household – whether consumers spend their money and time wisely. We demonstrate faulty intuitions across a broader scope of economic areas, such as labor, where the benefits of industry are seen as jobs created rather than the value of output, trade, where local consumption is seen as being necessarily lowered by allowing dollars spent on imports to “escape” the local economy, and industrial organization, where prices are seen as allocating wealth but not as influencing the production of goods and services. An appreciation of lay economic beliefs can help us better understand such phenomena as why laypeople distrust marketing, why they fear automation, and how they think about the fairness of various pricing policies.