Author(s): Jaew Know
Economic decision-making systems encompass frameworks and methodologies that guide individuals, businesses, and governments in allocating resources and making choices that maximize value. These systems can vary significantly, from traditional models based on rationality and market efficiency to modern approaches influenced by behavioral insights and artificial intelligence. This article explores various economic decision-making systems, highlighting their mechanisms, key differences, and implications. Emphasis is placed on how these systems adapt to uncertainty, manage risk, and drive sustainable growth. A comparative analysis of centralized and decentralized decision-making approaches, the role of technology, and the challenges these systems face in a dynamic global economy is presented.