Economics isn't always about money, cost and stock markets; it also provides good insights into other areas of our life, such as parenting.
As all parents are aware, getting young kids do the right thing is a tough job. Usually we have two options: Offering them a carrot ("if you complete your homework, i will take you to the park") or threatening them with a stick ("if you don't do your homework, papa will punish you"). Experimental research by behavioural economists shows that it is better to deny the carrot rather than picking up the stick.
From the kid's perspective, completing the work and earning the carrot boosts their self esteem. With proper choice of carrots - books, sports gear, musical instruments - it can turn out to be a win- win situation.
From the parents perspective too, it is less stressful to deny the carrot rather than meet out a punishment.
Note: This is relevant to young kids.. For the older ones, there are two more options available.
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