Recently I was in a small group discussion on Zoom focussed on a leading Economist who is focussed on complexity. Stripping away the technical language, they focus on why people don’t always make decisions based on rational models, (i.e. because models are simple, humans are complex), At one point, this economist noted how a peer of theirs had taken two years away from academia to try to find answers to the question “Why do business leaders often delay cutting staff when the data shows clearly that they should”. In sharing this story, they also noted that the colleagues of this other economist thought they were crazy to go out into the world to try to find answers rather than stay in academia.
I spoke up and said “The answer is easy, and any business leader who has actually been in that position can tell you exactly why they delay and tell you instantly. The answer is simple, because they are human.”
In other words, humans are driven not only by rationality but by emotion. We are human beings, not human doings.
In this group, I was also asked what I do. Surrounded by Economists who are experts but have never been out in the world and led businesses, the answer that came to me was that I’m an Applied Economist. I am deeply versed in Economics over several decades, but I have also spent over two decades out in the world of business leading businesses, plus now have approaching fifteen years supporting other leaders lead their own businesses and organisations.
Very few Economists have decades of applied experience. I do.
Oh, and I’d love to meet others for whom this “title” resonates for themselves!