An Economic Theory of Everything

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[This post was written by VeraSage Institute Senior Fellow Ed Kless, who is the Senior Director, Partner Development and Strategy, at Sage].

One of my all time favorite TEDTalks is by Rory Sutherland, a principal at the advertising firm Ogilvy. His brilliant analysis was on display again at Zeitgeist 2011 in his talk, "Rediscovering a Lost Science."

The lessons here are many, but for me key learning is the link between Austrian and Behavioral economics:

  • All value is subjective, AND.
  • All prices are contextual.

The implications of these two statements together are profound and in my opinion amount to an economic theory of everything.


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