RESEARCH
Working Longer Cannot Solve the Retirement Crisis
Brief— Working longer is often proposed as the solution to the retirement crisis caused by older workers’ lack of retirement assets, but new research from SCEPA's ReLab shows this assumption doesn't match older workers' real experiences in the labor market.
Learn the basic economic framework of human behavior developed based on the entropy-constrained theory and its advantages over the marginal utility theory of economics.
Learn applicable examples of the behavior model and gain a deeper comprehension of ideas discussed in Class 2.
Review the entropy constrained behavior model, complete lessons on expected utility theory and receive an introduction to social interaction behavior.
Learn the functionality of the canonical social interaction model and examine a major topic in political economics – the tragedy of the commons.
Walk through examples examining the potential effects of modifying the canonical social interaction model.
Learn how the case of quantal response is described by the use of the social interaction model and receive an introduction to classical political economy.
Explore Adam Smith’s division of labor and Karl Marx’s barter economy from the perspective of social coordination through the hub and spoke model.
Learn Smith’s division of labor, Marx’s barter economy and explore the creation and use of commodity and non-commodity money.
