Miriam Lyons and James Murray | Blindness to our biases led us to tears

The global financial crisis has exposed flaws in the free market system, showing the need for regulatory changes.

In a piece for The Age, Miriam Lyons and James Murray explain the ideas behind ‘behavioural economics’, and how it can help us make better decision based on rationality rather than bias.

“…since economic theories built on the assumption of rationality have failed to explain or prevent our current predicament, we should heed the lessons learnt from behavioural economics as we attempt to design a smarter system”.

Read the full article here.

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