Romantics love Valentine’s Day, and so do some practitioners of the dismal science – another name for economics. You might think economists are all about the $27 billion Americans spent on the holiday last year, but that’s just part of the story.1
According to Betsey Stevenson and Justin Wolfers, professors of Public Policy and Economics at the University of Michigan, who also happen to be life partners:2
“…Love is valuable, even if it is absent from both our national accounts and our political discourse. In the language of economics, love is a form of insurance. It involves bonds of reciprocity that provide support when we’re feeling down, when we’re sick, and when times are tough…our loved ones typically care for us in return. Such mutually beneficial relationships make us all more resilient in times of crisis.”
We hope your life is filled with love and happiness and you’re able to share Valentine’s Day with the people who are most important to you.
Happy Valentine’s Day!
Sources:
2 https://www.brookings.edu/opinions/valentines-day-and-the-economics-of-love/
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