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An accidental behavioural economist in lockdown — Part II: Mental Economics
A surprisingly large part of our economic activity takes place between our ears
Undistracted by the triggers and prompts of intriguing human behaviour that a break in south-west England has provided in past years during the spring, the thoughts of this accidental behavioural economist wandered towards what happens in the mind — others’, and indeed his own. For there too, economic principles are found. One instance is the situation where the benefit balancing a cost is immaterial — not money, but thoughts.
This was very apparent in an item in the evening BBC news that caught my attention last week. Experts are seeing a significant jump in the number of so-called young carers as a result of the coronavirus crisis. These are children — the age of some of them can be written with just one digit — who take on caring responsibilities for relatives who are affected, physically or mentally, by the lockdown, or by the effects of the virus itself.
Rewards in the mind
It portrayed two young carers. Finlay, aged 12, has become the primary carer for his disabled mum (his dad died when he was two) now his grandmother, who would normally help out, could no longer do so since the lockdown. So…
