Centre for Economics and Social Policy's researcher, Jorge Rosales, was a runner up in the international contest "Which is the 8th way to think as an economist in the 21st century?" orgnaized by the world group Rethinking Economics, together with the Institute for New Economic Thinking (INET) and Kate Raworth, author of the book Donut Economics: seven ways to think as an economist in the 21st century. The contest had participants from all over the world, with over 250 contributions in text, video, audio and presentations.

The goal of this contest is to think of new ways of thinking about economy, expanding the borders of what is taught in neo-classic economic theory.

The text with which Jorge obtained second place was titled "Time matters: Acknowledging comprehensive well-being".

¿Why is time important?

In many societies, individuals, while they have been able to satisfy most of their material needs, have found that the income constraint in their consumption has been supplanted by a time constraint.

The 8th way of thinking like a 21st century economist explicitly acknowledges time as equally as important as money in every aspect of formal economic analysis.

Time is a basic element that builds all human behavior. Public policy regularly aims to encourage some behaviors (e.g. physical activity) and discourage others (e.g. smoking). At times, governments and agencies seek to incentivize people to alter their behavior (such as encouraging a reduction in the impact of our daily activities on the natural environment). Time-use data facilitate the understanding of people’s activities for the formation of policy and can reveal the outcomes of policy initiatives. This type of data is particularly effective for investigating topics that cover a vast array of activities - such as work-life balance or gender equality.

More information on the contest: http://bit.ly/2KtOtbc

Check Jorge's application: http://bit.ly/2QTkxpV