Well-being is the Goal with Prof. Frank Schilbach

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Do you always make the best possible choices, even when you’re stressed or short on sleep? The ideally rational person (“Homo economicus”) assumed by conventional economics always acts in ways that are materially advantageous to them. But Associate Professor Frank Schilbach seeks in his research and teaching to explore the ways in which Homo economicus fails as a model of actual human behavior; in particular, Prof. Schilbach is interested in uncovering the psychological factors that influence people’s choices, even when those choices appear obviously counterproductive and irrational. In this episode, Prof. Schilbach discusses how psychologically-informed interventions can not only boost people’s productivity, earnings, and savings, but can even increase their tendency toward benevolence and cooperation. As he puts it, while economists have not ignored mental health altogether, they have tended to view it instrumentally, in terms of its effects on productivity or financial stability. It would be better, he suggests, to view mental health as valuable for its own sake, as an inherent element of overall well-being–which is why he prioritizes students’ mental health by making assignments due not first thing in the morning but at 6 or 8 PM!Relevant Resources:MIT OpenCourseWare The OCW Educator Portal Professor Schilbach’s behavioral economics course on OCWProfessor Schilbach’s faculty pageProfessor Schilbach at the Abdul Latif Jameel Poverty Action LabMusic in this episode by Blue Dot SessionsConnect with Us:If you have a suggestion for a new episode or have used OCW to change your life or those of others, tell us your story. We’d love to hear from you! Call us @ 617-715-2517On our siteOn FacebookOn TwitterOn InstagramStay Current:Subscribe to the free monthly "MIT OpenCourseWare Update" e-newsletter.Support OCW:If you like Chalk Radio and OpenCourseware, donate to help keep these programs going!Credits:Sarah Hansen, host and producer Brett Paci, producer Dave Lishansky, producer Show notes by Peter Chipman Connect with UsIf you have a suggestion for a new episode or have used OCW to change your life or those of others, tell us your story. We’d love to hear from you! Call us @ 617-715-2517On our siteOn FacebookOn XOn InstagramOn LinkedInStay CurrentSubscribe to the free monthly "MIT OpenCourseWare Update" e-newsletter. Support OCWIf you like Chalk Radio and OpenCourseware, donate to help keep these programs going! CreditsSarah Hansen, host and producer Brett Paci, producer Dave Lishansky, producer Jackson Maher, producerShow notes by Peter Chipman