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Behavioral Inputs To The Theoretical Approach Of The Economic Crisis

Author

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  • Sinziana BALTATESCU

    () (Faculty of Economics and Business Administration, Al. I. Cuza University of Iasi, Romania)

Abstract

The current economic and financial crisis gave room for the theoretical debates to reemerge. The economic reality challenged the mainstream neoclassical approach leaving the opportunity for the Austrian School, Post Keynesianism or Institutionalists to bring in front theories that seem to better explain the economic crisis and thus, leaving space for more efficient economic policies to result. In this context, the main assumptions of the mainstream theoretical approach are challenged and reevaluated; behavioral economics is one of the main challengers. Without developing in an integrated school of thought yet, behavioral economics brings new elements within the framework of economic thinking. How are the main theoretical approaches integrating these new elements and whether this process is going to narrow the theory or enrich it to be more comprehensive are questions to which this paper tries to answer, or, at least, to leave room for an answer.

Suggested Citation

  • Sinziana BALTATESCU, 2015. "Behavioral Inputs To The Theoretical Approach Of The Economic Crisis," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 7(2a), pages 387-394, September.
  • Handle: RePEc:jes:wpaper:y:2015:v:7:i:2a:p:387-394
    as

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    File URL: http://ceswp.uaic.ro/articles/CESWP2015_VII2A_BAL.pdf
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    References listed on IDEAS

    as
    1. John A. List, 2004. "Neoclassical Theory Versus Prospect Theory: Evidence from the Marketplace," Econometrica, Econometric Society, vol. 72(2), pages 615-625, March.
    2. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
    3. repec:cup:apsrev:v:79:y:1985:i:02:p:293-304_22 is not listed on IDEAS
    4. Etzioni, Amitai, 2010. "Behavioral economics: A methodological note," Journal of Economic Psychology, Elsevier, vol. 31(1), pages 51-54, February.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    neoclassical approach; economics crisis; behavioral economics;

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • G01 - Financial Economics - - General - - - Financial Crises

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