The Five Life Decisions : How Economic Principles and 18 Million Millennials Can Guide Your Thinking - Robert T. Michael

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The Five Life Decisions

How Economic Principles and 18 Million Millennials Can Guide Your Thinking

By: Robert T. Michael

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Paperback | 5 August 2016 | Edition Number 1

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232 Pages

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2.27 x 1.52 x 0.05

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Choices matter. And in your teens and twenties, some of the biggest life decisions come about when you feel the least prepared to tackle them.

Economist Robert T. Michael wonât tell you what to choose. Instead, heâll show you how to make smarter choices. Michael focuses on five critical decisions we all face about college, career, partners, health, and parenting. He uses these to demonstrate how the science of scarcity and choiceâ"concepts used to guide major business decisions and shape national legislationâ"can offer a solid foundation for our own lives. Employing comparative advantage can have a big payoff when picking a job. Knowing how to work the marketplace can minimize uncertainty when choosing a partner. And understanding externalitiesâ"the ripple of results from our actionsâ"can clarify the if and when of having children.

Michael also brings in data from the National Longitudinal Survey of Youth, a scientific sample of 18 million millennials in the United States that tracks more than a decade of young adult choices and consequences. As the surveyâs longtime principal investigator and project director, Michael shows that the aggregate decisions can help us understand what might lie ahead along many possible pathsâ"offering readers insights about how their own choices may turn out.

Thereâs no singular formula for always making the right choice. But the adaptable framework and rich data at the heart of The Five Life Decisions will help you feel confident in whatever you decide.

Industry Reviews

"This is a fantastic book that every young person should read. Michael equips us to think harder about fundamental life decisions. When it comes to difficult choices, the scientific research summarized in The Five Life Decisions can truly help."--Annamaria Lusardi, academic director of the Global Financial Literacy Excellence Center at George Washington University
"What do you get when you cross an esteemed economics scholar with the trials and tribulations of everyday life? The answer: this guide, by the University of Chicago's Robert Michael. The Five Life Decisions offers a handy introduction to powerful economic concepts by applying them to the pragmatic, real-world choices that young people have to make."--Beth Kobliner, author of Get a Financial Life: Personal Finance in Your Twenties and Thirties
"At what point do you become an adult? As a culture we've laid out milestones: graduating from formal education, moving in with a significant other or perhaps bringing new life into the world. Next question, how do we make the right choice when confronted with so many options? As children we relied on parents to be our compass, but as adults the responsibility rests within. Professor Robert T. Michael of the University of Chicago set out to answer some of these questions in his book, The Five Life Decisions."-- "Forbes"

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