Behavioral Economics vs. Neoclassical Economics

behavioral economics neoclassical economicsIn his recent article “Behavioral Economics: Toward a New Paradigm” a noted scholar Amitai Etzioni (George Washington University) discusses the challenges behavioral economics poses for neoclassical economics and the ways in which the young field may move forward. After reviewing some of behavioral economics’ accomplishments and the responses to these accomplishments, the article asks whether its findings can be incorporated into the neoclassical paradigm and suggests additional steps behavioral economics may consider undertaking in order to expand its reach.

Open access to the paper: Etzioni, Amitai. 2011. Behavioral Economics: Toward a New Paradigms.American Behavioral Scientist 55(8): 1099–1119. 

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