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Author:Lewin, S. B.
Title:Economics and psychology: Lessons for our own day from the early twentieth century
Journal:Journal of Economic Literature
1996 : SEP, VOL. 43:3, p. 1283-1323
Index terms:PSYCHOLOGY
BEHAVIOURAL SCIENCE
RATIONALITY
Language:eng
Abstract:In his 1973 essay "Behavior and the Concept of Preference," Amartya Sen points out the paradoxical attitude of economists toward psychology. Economists tend to believe that economics can be independent of psychological assumptions. They are suspicious of attempts to analyze economic behavior by asking people about the motivations for their actions, but prefer to look soleley at behavior (Paul Samuelson 1938; Ian Little 1949), or, for those who follow Milton Friedman (1953), solely at aggregate data like prices and quantities. This antipsychological attitude underlies the perceived importance of the theory of revealed preference, which reduces preference theory to a set of behavioral propositions.
SCIMA record nr: 153511
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