THE PROBLEM OF RATIONALITY: AUSTRIAN ECONOMICS MEETS BEHAVIORAL ECONOMICS by
نویسندگان
چکیده
The relationship between Austrian economics and behavioral economics is a complex and multifaceted one. On the one hand, behavioral economics rejects the positive claims of modern, standard neoclassical economics and yet accepts its normative standards. Thus behavioral economics is itself a hybrid; it is part psychological economics and part neoclassical economics. Furthermore, many behavioral economists accept the methodological stricture that the new experimental or behavioral insights must be incorporated into the fundamental axiomatic structure of contemporary economic theory. Thus, in at least two respects behavioral economics is less revolutionary than it might at first seem. Both the method and normative view of rationality are neoclassical. Therefore for these reasons our topic also involves the relationship between Austrian economics and neoclassical economics.
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