Making Decisions As A Family
By Jerry Hionis
Economics is a study of human decision-making. The dominant philosophical view of economics, the classical/neoclassical school, has had a historical focus on the homo economicus; that is, the “economic man”. What this means is that decision-making is largely done from the point of view of an individual: with any action, how do the results of said action affect the happiness and suffering of that individual?
Yet this is not always the case. People do not just act as individuals but also as individuals within groups; individuals within groups within groups; individuals within groups within groups within . . . you get the picture. We each are members of various social groupings: families, geographical entities, nationalities, ethnicities, occupations, political blocs and so on. Out of all the various social groupings one can be apart of, the “family unit” is considered to be one of the most important. Given its importance, it should be to no surprise that the family — and, invariably, how it should be run — is highly controversial. Continue reading