Discover Your Inner Economist

Discover Your Inner Economist (DYIE) is not a typical self-help book. After all, it was written by an economics professor. Tyler Cowen blogs at the popular Marginal Revolution.

In the book, Cowen offered practical how-to tips and advice, grounded in economic logic and insights about human nature. Take the reward/punishment idea, for example. It may backfire if it causes people to feel they are not in the driver’s seat. This innate need to be in control trumps the carrot-and-stick principle (which may explain my tendency to avoid working on tasks that come with treats or threats - procrastination is a way to exert control).

Cowen applied economic reasoning to everday activities - how to enjoy books/movies/paintings, get better treatment from your doctor, give to the needy, cultivate self-control, and so on. To profit from leisure reading, we should follow our interests and not feel guilty about not liking popular works. Skip passages, follow one character first, give up a book if its not worth finishing. To quote from Samuel Johnson, “A man ought to read just as inclination leads him; for what he reads as a task will do him little good.”

I was surprised to read about Singapore in DYIE. In the chapter on how to find cheap and good food, Cowen wrote:

Food in Singapore is so good because the city has harnessed the magic of food stalls... A contemporary hawker center... might contain fifty or more food stalls, usually of Chinese, Malay, and Indian cuisines... Customers buy their fried oyster egg from one expert and their laksa (noodle soup, in coconut milk) from another expert. This specialization... is another reason why Singaporean food is so delicious... For many of the most popular dishes, the wait can take over half an hour. (p. 154-156)

I read the book too quickly the first round. I will read it again, more slowly the next time, with the aim to be a cultural billionaire.