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Summary Personality and Economics Notes
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- The University Of Nottingham (UON)
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Cornell notes templatePersonality and Economics:
- Explore how personality influences
o Macro economic behaviour (e.g. GDP, unemployment)
- Personality
o Micro ineconomic- behaviour
James J Heckman Nobel Prize
(e.g. competition, for Economics for Heckman Selection
helping)
economics Model
- Recently championed the role of personality are a major predictor, in
deed causal factor, with respect to economic outcomes
- Discusses the idea that we can ‘invest’ in personality to enhance
future growth, well-being and prosperity
- Economic factors such as taxation
- Personality is malleable
Part one –
Macroeconomics –
wealth and health
- GDP (Gross
Domestic - GDP is the sum of the market values, or prices, of all final goods and
Product) services produced in an economy during a period of time
- This is predicted by a variety of factors such as inflation, exchange
rates, balance of payments
- Reflects the wealth of the country but not living standards. That is
GDP per capita
- Not everyone gets a fair share
- Is there any evidence that personality of nation changes the level of
wealth of the country?
- IQ examples – innovation in society – new ideas
- IQ predicts GDP maximally
- Caveats with
GDP, IQ and
- Correlate aggregate personality at country level with GDP
traits
- Migration issues – certain traits attracted to certain regions
- Ecological fallacy – applying population statistics to individuals
- The characteristics of a place attract people to certain areas,
will increase the levels of migration
- Geographical
• Cluster 1: Friendly & Conventional
psychology:
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