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Thorstein Veblen And The Rise Of The Behavioral Economics

Author

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  • GHIURCĂ Camelia

    (Alexandru Ioan Cuza University of Iasi, Romania)

Abstract

This article presents Thorstein Veblen's perspective on economics. Long before Herbert A. Simon and Daniel Kahneman, Veblen was among the first economists criticizing the mathematisation of economics and the need to include in its theories concepts from psychology. His view was that economics needed to become an evolutionary science and human behavior, in particular, should be seen as a result of the influence of instinct and habit, Even though Veblen's contribution to embbededness of psychlogy into economics has been left behind and only seldom is written about it, he was the first economicst to draw the path which today we call it behavioral economics.

Suggested Citation

  • GHIURCĂ Camelia, 2019. "Thorstein Veblen And The Rise Of The Behavioral Economics," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 71(1), pages 45-50, March.
    • Handle: RePEc:blg:reveco:v:71:y:2019:i:1:p:45-50
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    File URL: http://economice.ulbsibiu.ro/revista.economica/archive/71105ghiurca.pdf
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    More about this item

    Keywords

    Thorstein Veblen; human behavior; behavioral economics;
    All these keywords.

    JEL classification:

    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • N00 - Economic History - - General - - - General

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