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Adam Smith, Behavioral Economist

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Listed:
  • Nava Ashraf
  • Colin F. Camerer
  • George Loewenstein

Abstract

Adam Smith's psychological perspective in The Theory of Moral Sentiments is remarkably similar to "dual-process" frameworks advanced by psychologists, neuroscientists, and more recently by behavioral economists, based on behavioral data and detailed observations of brain functioning. It also anticipates a wide range of insights regarding phenomena such as loss aversion, willpower, and fairness that have been the focus of modern behavioral economics. This essay draws attention to some of these connections.

Suggested Citation

  • Nava Ashraf & Colin F. Camerer & George Loewenstein, 2005. "Adam Smith, Behavioral Economist," Journal of Economic Perspectives, American Economic Association, vol. 19(3), pages 131-145, Summer.
    • Handle: RePEc:aea:jecper:v:19:y:2005:i:3:p:131-145
    Note: DOI: 10.1257/089533005774357897
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