I would have never received my Master’s in Economics if I didn’t think it had an impact on my everyday life. It is much more than the theories of Adam Smith, Milton Friedman, or John Keynes (influential economists), instead it is the cause and effect relationship of our everyday life and decision-making.
Perhaps more specifically, economics provides insight into how daily decisions can influence our dating life (yes, even dating)! A quantitative application of economics determines the likelihood of courtships, rejection,
and marriage. Don’t believe me? Let’s use an example involving economics and dating…
Becky is a pretty sophomore and social chair of her sorority, who is very into the
college experience and not thinking too far after graduation. Brad, an
attractive top-house fraternity member who doesn’t have much interest outside
of drinking, and Jeff, a potential valedictorian who hasn’t fully developed the
best social skills, are both trying to date Becky. At first glance, given the
lack of Jeff’s social skills & academic focus compared to Becky’s superior
social skills/other interests, one could accurately assess a 70% chance that
Becky will choose to date Brad because of attraction & similar interests.
However, let’s fast forward six years after college. Becky has a low-level public
relation position and is trying to find a serious marriage partner. On the
other hand, unfortunately, Brad has yet to develop a career or other interests while
Jeff received multiple promotions in his field and improved on his social
skills. Have the odds changed? Yes, but perhaps not as you may have thought.
Given this new data, Becky's likelihood of dating Brad has dropped to 30%. However,
due to Becky’s career in public relations and Jeff’s improved up-tick in
social development suggests that Becky would still have less than a 50% chance
of dating Jeff. It is also likely that Jeff’s interest in dating Becky has decreased
given professional/social structure changes.
Therefore, by using economics and placing quantitative attributes to decision-making, rational decisions are far more likely. Furthermore, a mastery of Game Theory Economics will ultimately help you understand almost all dating situations!
Authored by: Anna