From homo economicus to homo sapiens
Article Abstract:
There are a number of aspects of psychology that are relevant for the study of economics, and it is possible to forecast how these will develop, though biases will affect forecasts. Optimism amd overconfidence can lead to some biases. Economic models could have more explanatory power if they were more realistic in viewing economic agents. It is easier to build models with assumptions that people are rational, which is why economics has not started with emotional agents. Younger economists are likely to develop these new ideas.
Publication Name: Journal of Economic Perspectives
Subject: Economics
ISSN: 0895-3309
Year: 2000
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The future of microeconomic theory
Article Abstract:
Theory needs good questions and a lack of assumptions that point to an answer. There is a need for rigor in economic research, and maths can help achieve this. Researchers may also not follow through their theories sufficiently. Biology and engineering are disciplines that can provide insights into economics. Game theory, such as network theory, can provide useful avenues for economic theory. There is a need for more work on technology and its economic aspects.
Publication Name: Journal of Economic Perspectives
Subject: Economics
ISSN: 0895-3309
Year: 2000
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The revenge of homo economicus: contested exchange and the revival of political economy
Article Abstract:
Walrasian economics tend to view components of the economy as merely input and output variables. This view becomes untenable when exogenous intervention becomes inappropriate, such as in a global market. Thus, the self-interested rule of political economy as described by Karl Marx and Adam Smith is resurrected. The concept of endogenous preference more fully explains economic movement than Walrasian assumptions.
Publication Name: Journal of Economic Perspectives
Subject: Economics
ISSN: 0895-3309
Year: 1993
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