In economics, "rules of thumb" refer to simple, practical principles or guidelines used to make decisions and solve problems based on experience and common sense rather than precise calculations or complex theories. These heuristics are often employed when individuals face uncertainty or when the cost of obtaining complete information is too high.

Examples of economic rules of thumb include:

1. The 50/30/20 Rule: A budgeting guideline suggesting that individuals allocate 50% of their income to needs, 30% to wants, and 20% to savings or debt repayment.
2. The Rule of 72: A quick way to estimate how long it will take for an investment to double in value, by dividing 72 by the annual interest rate.
3. The 80/20 Rule (Pareto Principle): Applied in various economic contexts, it suggests that roughly 80% of outcomes result from 20% of causes, such as 80% of sales coming from 20% of customers.

These rules simplify decision-making processes and provide actionable insights, especially in complex or uncertain economic environments. While not always precise, they offer valuable shortcuts that can lead to reasonably good outcomes with minimal cognitive effort.