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Economics with a biological foundation

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  • Aldo Rustichini

    (University of Minnesota)

Abstract

We argue in three lectures that economics should develop on a foundation of biology. We first define what economics with biological foundation is, its position in the history of the discipline, and why this development is necessary for economics to remain a meaningful science. We then outline the three main directions of development for such new science of economics (neuroeconomics, genetics and personality theory), and illustrate research in these three fields.

Suggested Citation

  • Aldo Rustichini, 2023. "Economics with a biological foundation," Indian Economic Review, Springer, vol. 58(1), pages 1-40, June.
    • Handle: RePEc:spr:inecre:v:58:y:2023:i:1:d:10.1007_s41775-023-00191-y
    DOI: 10.1007/s41775-023-00191-y
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    References listed on IDEAS

    as
    1. Robert Rowthorn, 2011. "A bioeconomic view of the transition to agriculture: a comment," Canadian Journal of Economics, Canadian Economics Association, vol. 44(3), pages 1044-1047, August.
    2. Aldo Rustichini & Katherine E. Conen & Xinying Cai & Camillo Padoa-Schioppa, 2017. "Optimal coding and neuronal adaptation in economic decisions," Nature Communications, Nature, vol. 8(1), pages 1-14, December.
    3. Arthur J. Robson, 2010. "A bioeconomic view of the Neolithic transition to agriculture," Canadian Journal of Economics, Canadian Economics Association, vol. 43(1), pages 280-300, February.
    4. Becker, Gary S & Tomes, Nigel, 1979. "An Equilibrium Theory of the Distribution of Income and Intergenerational Mobility," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1153-1189, December.
    5. Rowthorn, Robert & Seabright, Paul, 2010. "Property Rights, Warfare and the Neolithic Transition," IDEI Working Papers 654, Institut d'Économie Industrielle (IDEI), Toulouse.
    6. Jeremy J Berg & Graham Coop, 2014. "A Population Genetic Signal of Polygenic Adaptation," PLOS Genetics, Public Library of Science, vol. 10(8), pages 1-25, August.
    7. Robert Rowthorn, 2011. "A bioeconomic view of the transition to agriculture: a comment," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 44(3), pages 1044-1047, August.
    8. Eugenio Proto & Aldo Rustichini & Andis Sofianos, 2019. "Intelligence, Personality, and Gains from Cooperation in Repeated Interactions," Journal of Political Economy, University of Chicago Press, vol. 127(3), pages 1351-1390.
    9. Camillo Padoa-Schioppa & John A. Assad, 2006. "Neurons in the orbitofrontal cortex encode economic value," Nature, Nature, vol. 441(7090), pages 223-226, May.
    10. Eugenio Proto & Aldo Rustichini & Andis Sofianos, 2022. "Intelligence, Errors, and Cooperation in Repeated Interactions," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(5), pages 2723-2767.
    11. Camillo Padoa-Schioppa & Aldo Rustichini, 2014. "Rational Attention and Adaptive Coding: A Puzzle and a Solution," American Economic Review, American Economic Association, vol. 104(5), pages 507-513, May.
    12. Joseph C. McMurray, 2013. "Aggregating Information by Voting: The Wisdom of the Experts versus the Wisdom of the Masses," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 80(1), pages 277-312.
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    More about this item

    Keywords

    Neuroeconomics; Genetics and economics; Personality theory;
    All these keywords.

    JEL classification:

    • D9 - Microeconomics - - Micro-Based Behavioral Economics

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