Think Fast Talk Smart: Communication Techniques 63. Cheap Talk: What Economics Has to Say About Communication
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Jul 18, 2022 Paul Oyer, a professor of economics at Stanford, dives into the fascinating interplay between economics and communication. He examines how credibility can impact our words, describing ‘cheap talk’ and its implications. Oyer shares real-life examples, from the gig economy dynamics as an Uber driver to everyday interactions like dating. He also discusses the importance of storytelling in education, particularly during the pandemic. The conversation reveals how economic principles inform and enrich our communication strategies in various aspects of life.
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Economics is Everywhere
- Economics offers a powerful lens for understanding real-world situations, going beyond abstract theories.
- It helps analyze various scenarios, from small business strategies to online dating and sports.
The Pencil Test
- A bowling alley owner used a simple test, asking applicants to bring a pencil, to filter serious candidates.
- This reflects an economic model by Mike Spence about signaling credibility.
Credibility in Communication
- Credibility in communication is crucial, especially in organizational economics.
- Actions speak louder than words; aligning words with actions builds trust and credibility.
