Factors Influence Countries Development

My perspective highlights that human behavior significantly influences economic development and recession. This book posits that economics is not merely about resource allocation but is deeply intertwined with the decisions driven by human actions. This perspective is a cornerstone of behavioral economics which integrates psychology with economics to explain why individuals often make economically irrational decisions. My work delves into how concepts like bounded rationality cognitive biases the architecture of choices and herd mentality shape economic behavior. Principles such as framing heuristics loss aversion and the sunk-cost fallacy are central to this understanding.