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OG NOTES (AUG-18)
I just got done expressing my “fan boy” status of three economists, but that doesn’t mean I agree with everything they do. While many of the theories and studies they, and the numerous other economists/psychologists who I researched conduct are interesting, I often find myself going back to the, “that’s not how it works in the real world.” That can primarily be attributed to them failing to incorporate things like, “time value” or “human emotion” which both play a huge role in a buying decision.
Maybe even more common is that the much of the information, data, and studies, included in their work is just irrelevant and has no connection to what I do as a salesperson. While an experiment that compares a Hershey kiss to a truffle might prove a theory, it doesn’t give me much I can use during a business interaction. (AJ Comment: My economists professors always liked to say “the only people who get paid to always be wrong are weathermen and economists”
I would also note that the nature of economics is the crossroad between math and human decisions, meaning that it depends [in many cases] on enormous assumptions on preference and most importantly rationality (economics are based on the belief that all humans are rational in their decision making). Personally, the Austrian school of economics has received a good deal of credibility because it identifies this as a limitation of economics as a predicting mechanism, and rely rather on praxeology in studies.)
So, I made it my mission to bridge the gap between the world of behavioral science, economics and psychology, with the world of business and professional selling.