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Reviving Veblenian Economic Psychology

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  • Twomey, Paul

Abstract

Thorstein Veblen's seminal paper 'Why is Economics Not an Evolutionary Science?' (1898) is well known for its critique of rational economic man. However, rather than just criticize this model, Veblen developed an alternative, evolutionary-informed approach to understanding human nature, based partly on the ideas of Charles Sanders Peirce, William James and, later, William McDougall. The aim of this paper is to show how recent results from a number of cognitive disciplines are beginning to reaffirm many of Veblen's core psychological assumptions. The paper argues that an active, multimodular and hierarchical approach to the mind can help provide a more integrative framework in which to examine economic behavior. Copyright 1998 by Oxford University Press.

Suggested Citation

  • Twomey, Paul, 1998. "Reviving Veblenian Economic Psychology," Cambridge Journal of Economics, Oxford University Press, vol. 22(4), pages 433-448, July.
  • Handle: RePEc:oup:cambje:v:22:y:1998:i:4:p:433-48
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    Cited by:

    1. Brette, Olivier & Buhler, Thomas & Lazaric, Nathalie & Marechal, Kevin, 2014. "Reconsidering the nature and effects of habits in urban transportation behavior," Journal of Institutional Economics, Cambridge University Press, vol. 10(03), pages 399-426, September.
    2. Olivier Brette & Nathalie Lazaric & Victor Vieira da Silva, 2017. "Habit, decision making, and rationality : comparing Veblen and early Herbert Simon," Post-Print halshs-01310305, HAL.
    3. Felipe Almeida, 2016. "Society and brain: A complementary approach to Thorstein Veblen’s conspicuous consumer based on Tibor Scitovsky’s neuropsychology [Society and brain: A complementary approach to Thorstein Veblen’s con," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 26(2), pages 347-367, May-Augus.
    4. Waśniewski, Krzysztof, 2012. "Comparative, dynamic efficiency of national healthcare systems," MPRA Paper 38029, University Library of Munich, Germany.
    5. Zimmerman, Frederick J., 2013. "Habit, custom, and power: A multi-level theory of population health," Social Science & Medicine, Elsevier, vol. 80(C), pages 47-56.
    6. Brennan, Andrew John, 2013. "A critique of the perceived solid conceptual foundations of ISEW & GPI — Irving Fisher's cognisance of human-health capital in ‘net psychic income’," Ecological Economics, Elsevier, vol. 88(C), pages 159-166.
    7. Waśniewski, Krzysztof, 2012. "Local governments’ fiscal policy as a factor of urban development – evidence from Poland," MPRA Paper 39176, University Library of Munich, Germany.
    8. Pessali, Huascar, 2006. "Nano-fundamentos da macroeconomia: Keynes e o institucionalismo na Teoria Geral
      [Nanofoundations of macroeconomics: Keynes and the institutional elements in the General Theory]
      ," MPRA Paper 5017, University Library of Munich, Germany, revised 01 Dec 2006.
    9. Jeroen C. J. M. van den Bergh & John M. Gowdy, 2003. "The microfoundations of macroeconomics: an evolutionary perspective," Cambridge Journal of Economics, Oxford University Press, vol. 27(1), pages 65-84, January.
    10. Hodgson, Geoffrey M., 2004. "Reclaiming habit for institutional economics," Journal of Economic Psychology, Elsevier, vol. 25(5), pages 651-660, October.
    11. Joao Ricardo Faria, 2011. "Emotions, Happiness and Growth: Spinoza, James, and Ramsey," Economic Issues Journal Articles, Economic Issues, vol. 16(2), pages 81-92, September.
    12. repec:gam:jsusta:v:10:y:2018:i:4:p:899-:d:137297 is not listed on IDEAS
    13. Krzysztof Waśniewski, 2015. "Discretionary freedom of choice and risk in alternative capital markets," European Journal of Law and Economics, Springer, vol. 39(3), pages 573-605, June.
    14. Geoffrey Hodgson, 2002. "The Evolution of Institutions: An Agenda for Future Theoretical Research," Constitutional Political Economy, Springer, vol. 13(2), pages 111-127, June.

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