A Brain-Focused Foundation for Economic Science

This book argues that Lionel Robbins's construction of the economics field's organizing cornerstone, scarcityand all that has been derived from it from economists in Robbins's time to todayno longer can generate general consent among economists. Since Robbins' Essay, economists have learned more than Robbins and his cohorts could have imagined about human decision making and about the human brain that is the lynchpin of human decision making. This book argues however that behavioral economists and neuroeconomists, in pointing to numerous ways people fall short of perfectly rational decisions (anomalies, biases, and downright errors), have saved conventional economics from such self-contradictions in what could be viewed as a wayward approach. This book posits that the human brain is the ultimate scarce resource, and that a focus on the brain can bring a new foundation for economics and can save the discipline from hostile criticisms from a variety of non-economists (many psychologists).

Presents an innovative way of considering how best to understand economics: the brain-focused approach to scarcity Unifies behavioral inductive findings with neoclassical deductive methods Provides a nuanced critique of the shortcomings of both neoclassical and behavioral economics, while allowing the benefits of both

Autorentext

Richard B. McKenzie is the Walter B. Gerken Professor of Management and Society (Emeritus) in the Paul Merage School of Business at the University of California, Irvine, USA. He has authored a large number of books, journal articles, and public commentaries mainly focused on economic policies, and he has maintained an abiding interest in economic methodology over the course of his career.

Klappentext

This book argues that Lionel Robbins s construction of the economics field s organizing cornerstone, scarcity and all that has been derived from it from economists in Robbins s time to today no longer can generate general consent among economists. Since Robbins Essay, economists have learned more than Robbins and his cohorts could have imagined about human decision making and about the human brain that is the lynchpin of human decision making. This book argues however that behavioral economists and neuroeconomists, in pointing to numerous ways people fall short of perfectly rational decisions (anomalies, biases, and downright errors), have saved conventional economics from such self-contradictions in what could be viewed as a wayward approach. This book posits that the human brain is the ultimate scarce resource, and that a focus on the brain can bring a new foundation for economics and can save the discipline from hostile criticisms from a variety of non-economists (many psychologists).

Inhalt

1. Economists' Core Concerns in the History of Economic Thought.- 2. Lionel Robbins and Scarcity.- 3. From Robbins to Friedman and Beyond.- 4. Behavioral Economics, Evolution, and the Human Brain.- 5. The Human Brain: The Ultimate Scarce, Efficient, and Rational Resource.- 6. A Brain-Focused Neoclassical Microeconomics.