An Economic Approach to Homer's Odyssey by Tyler Cowen

A three part series by Tyler Cowen.

Part 1: Modeling Homer’s World. 

Part 2: The Polities of The Odyssey.

Part 3: Polities and Economics.

‘The Narrative Brain’ Review: The Sense in a Story

Narratives bring order to the world and entice us with emotional rewards. They also help people bond and recover after times of crisis. 

By Matthew Hutson. Mr. Hutson is the author of The 7 Laws of Magical Thinking: How Irrational Beliefs Keep Us Happy, Healthy, and Sane.

He reviewed the book The Narrative Brain: The Stories Our Neurons Tell by Fritz Alwin Breithaupt.

Excerpts:

"If humans were fish, our water would be narratives. We never experience reality unmediated. Light and sound filter through our senses and we impose meaning and order, building our familiar perceptual world of trees, people and buildings. At a higher level, we string events together into stories, ranging from brief encounters to autobiographical arcs to historical epochs and beyond. We use narratives to understand the causal influences in our lives; these unseen forces, manufactured by our minds, become what we know of reality."

"The first question is what defines a narrative. An important aspect is the segmentation of time. Every story has a beginning and end. Exactly how the human brain segments time is murky, and different people do it differently."

"in a narrative, a protagonist typically turns from active to passive or vice versa, as when a worker in a dead-end job decides to rebel. Mr. Breithaupt ignores Kurt Vonnegut’s delineation of other story shapes, like “man in hole,” where a character’s prospects turn from good to bad to good. Elsewhere, the author defines narratives as “strings of events,” and events as things that “bring about important, lasting, and irreversible changes that were not clearly recognizable in advance.”" 

"narratives . . . bring order to the world and entice us with emotional rewards—amusement, astonishment, satisfaction, triumph. These are proximal benefits. One can also give ultimate or evolutionary accounts. “Narrative thinking offers numerous survival benefits,” Mr. Breithaupt writes, “expressed in better remembering, planning, reacting, and orienting, and potentially in overcoming depression and trauma.”"

"Narratives help people bond, coordinate and communicate. During and after times of crisis, we use narratives to repackage our experience of events, enabling us to recover and prepare for future hardship."

"the retold stories (in an experimental game of “telephone”) were often simplified, shrinking with each iteration. Sometimes details or major plot points changed. But what remained true were the core emotions"

"Mr. Breithaupt argues that “the mobility of consciousness”—the ability to take another’s perspective—would not have emerged without the rituals of performance."

Kirzner’s Entrepreneur and the Hero’s Journey

By Amir Iraji. This appeared at the blog The Daily Economy which is run by The American Institute for Economic Research. Excerpt:

"Some economists have likened entrepreneurs to heroes, praising their role in disrupting industries and driving progress. Joseph Schumpeter, for instance, famously described them as agents of “creative destruction.” This description evokes the image of warriors boldly slaying the dragon of entrenched systems — tearing down outdated structures to pave the way for revolutionary innovation.

Yet Israel Kirzner, a leading economist in the Austrian tradition and a student of Ludwig von Mises, rejected this dramatic portrayal. Instead, he argued that entrepreneurship is about simply noticing opportunities that others overlook. At first glance, this view might seem to downplay the heroism of entrepreneurs. But does it really?

Exploring Kirzner’s ideas through the lens of the Hero’s Journey — a narrative framework developed by Carl Jung and later expanded by Joseph Campbell — reveals that even Kirzner’s entrepreneur is a hero, though in a subtler and less dramatic way. 

In this framework, true heroism emerges in uncovering the potential of the unknown and bringing it into the light of consciousness."

"Every breakthrough, whether major or minor, every improvement in living standards, whether transformational or incremental, and every leap forward in human history has been an elixir brought back by entrepreneurs. Their heroic quests remind us that the unknown holds boundless potential waiting to be realized."

Related posts:

Who Says Entrepreneurs Are Heroes?

Does It Matter If We Call Entrepreneurs Heroes?

How Storytelling Enhances Team Decision-Making And Collaboration

By Paola Cecchi-Dimeglio. She is CEO and Co-Founder, People Culture Drive Consulting Group; Chair, Executive Leadership Research Initiative for Women and Minority Attorneys (ELRIWMA); Senior Research Fellow, HLS Center on the Legal Profession.

Excerpts:

"research shows that storytelling isn’t just a powerful communication tool—it’s a critical leadership asset. It fosters collaboration, sparks creativity, and cultivates empathy. Understanding and using storytelling effectively is essential for leaders navigating complex team dynamics and decision-making to drive engagement and achieve impactful results."

"Paul Zak, a leading neuroscientist, underscores this idea. His research highlights how storytelling activates the brain’s release of oxytocin—the “trust molecule”—which enhances connection and empathy."

"Storytelling taps into the way humans are wired to connect and understand one another. Zak’s findings reveal that compelling narratives create trust, making individuals more willing to collaborate."

"a leader might recount how a team faced a challenging project deadline, detailing how each member’s contribution led to success. This kind of narrative builds trust and reinforces a shared sense of purpose"

"Empathy is the foundation of successful teamwork, and storytelling helps teams see the world through someone else’s perspective. Leaders who share customer experiences or stories of internal challenges make abstract concepts tangible and relatable."

a "narrative creates an emotional connection between team members and their work, helping them understand the bigger picture. As a result, storytelling enhances problem-solving by encouraging inclusivity and collaboration"

"Data is vital to decision-making, but numbers alone can feel impersonal or overwhelming. Storytelling bridges this gap by framing data within a relatable narrative, making it more memorable and actionable."

"Combining data with storytelling drives impactful decisions that resonate with the team."

"Storytelling is more than an engaging way to share information—it’s a critical leadership tool. It. . . builds trust, strengthens team dynamics, and enhances decision-making by connecting logic with emotion. Leaders who embrace storytelling can create an environment where collaboration thrives, ideas flourish, and goals are enthusiastically met."

Also see Storytelling That Drives Bold Change: How to craft a narrative that matters by Frances X. Frei and Anne Morriss in Harvard Business Review.