An Economic Theory of Everything

One of my all time favorite TEDTalks is by Rory Sutherland, a principal at the advertising firm Ogilvy. His brilliant analysis was on display again at Zeitgeist 2011.

The lessons here are many, but for me key learning is the link between Austrian and Behavioral economics:

• All value is subjective, AND…
• All prices are contextual.

The implications of these two statements together are profound and in my opinion amount to an economic theory of everything.