Why experience economy is intrinsically connected to our emotional regulation practices

Economies change because of people’s behaviors evolving, and that’s something that Joe Pine has talked about in his book The Experience Economy with his analogy with the birthday cake.

So if we know that people’s behaviors generates consumption in a specific way, then we can also say that people’s dramas, traumas, and emotional fluctuations can generate new economic trends. As such, can we also say that studying the human brain evolution and its susceptibility to stimuli of the environment can generate new economic trends? Richard Thaler believes it can!

Richard Thaler organizes how economic decisions are influenced by human psychology in 3 categories:

• cognitive limitations (or bounded rationality)
• Self-control problems
• Social preferences

However, my view on this topic after studying marketing and psychology and neuroscience is organizing the decision-making process according to 2 main aspects which have subcategories as follows:

1. Our hardwiring of the brain generated by our initial experiences in the world ( until the age of 11–16 years old when abstract thinking is developed in children)

2. Our soft wiring of the brain where we develop cognitive abilities to make…