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The death and resurrection of economics with psychology: remarks from a methodological standpoint

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  • Roberta Muramatsu

Abstract

One of the merits of contemporary economic analysis is its capacity to offer accounts of choice behavior that dispense with details of the complex decision machinery. The starting point of this paper is the concern with the important methodological debate about whether economics might offer accurate predictions and explanations of actual behavior without any reference to psychological presuppositions. Inspired by an exercise of rational reconstruction of ideas, I aim to offer an interpretation of the process of freeing economic analysis from psychology at the end of the 19th century and the contemporary resurrection of behavioral approaches in the late 1980s. JEL Classification: B10; B20; B40.

Suggested Citation

  • Roberta Muramatsu, 2009. "The death and resurrection of economics with psychology: remarks from a methodological standpoint," Brazilian Journal of Political Economy, Center of Political Economy, vol. 29(1), pages 62-81.
    • Handle: RePEc:ekm:repojs:v:29:y:2009:i:1:p:62-81:id:470
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/470/468
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    Cited by:

    1. Pessali, Huascar & Berger, Bruno, 2010. "A teoria da perspectiva e as mudanças de preferência no mainstream: um prospecto lakatoseano [Prospect theory and preference change in the mainstream of economics: a Lakatosian prospect]," MPRA Paper 26104, University Library of Munich, Germany.
    2. Drakopoulos, Stavros A., 2023. "The Economics of Wellbeing and Psychology: An Historical and Methodological Viewpoint," MPRA Paper 117891, University Library of Munich, Germany.

    More about this item

    Keywords

    economics; psychology; anomalies; prediction; explanation;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General

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