Uploaded August 2020 | Updated September 2026, 13 minutes ago
The world of economics is remarkably complex and as such, adequate attention needs to be paid to the oftentimes many unintended consequences associated with our actions as individuals on the one hand and especially those associated with policy choices.
In one minute, I've gone from definition to examples so as to explain the concept of unintended consequences properly.
Far too many times, for reasons which range from ignorance to ideology (as explained in this video, when referring to Robert K. Merton's work), over-simplification leads to negative scenarios which could have been avoided if the issue would have been viewed in a more complex manner.
Of course, one shouldn't assume unintended consequences can only be negative. Not at all. As yet again explained in the video, we also have let's say Adam Smith's invisible hand as a textbook example involving positive unintended consequences.
The bottom line is this: without meaningfully understanding and respecting the world around us, we will never truly "get" economics and that would be a shame :)
The world of economics is remarkably complex and as such, adequate attention needs to be paid to the oftentimes many unintended consequences associated with our actions as individuals on the one hand and especially those associated with policy choices.
In one minute, I've gone from definition to examples so as to explain the concept of unintended consequences properly.
Far too many times, for reasons which range from ignorance to ideology (as explained in this video, when referring to Robert K. Merton's work), over-simplification leads to negative scenarios which could have been avoided if the issue would have been viewed in a more complex manner.
Of course, one shouldn't assume unintended consequences can only be negative. Not at all. As yet again explained in the video, we also have let's say Adam Smith's invisible hand as a textbook example involving positive unintended consequences.
The bottom line is this: without meaningfully understanding and respecting the world around us, we will never truly "get" economics and that would be a shame :)
