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Time to Abandon Group Thinking in Economics - Updated

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  • Da Silva, Sergio

Abstract

Group thinking is the notion that natural selection favors what is good for the group or the species, not for the individual. Most mainstream evolutionary biology rejects this idea and natural selection is viewed as working on the individual’s genes to promote their own survival and reproduction. Here I show through a couple of examples how group thinking also pervades economics. I argue that the reason for the mistake relies on the fact that economics fails to ground itself in the underlying knowledge provided by biology. Then I suggest how economics can aspire more than being applied logic and turn into a scientific discipline by placing biology on its basis. Finally, I outline how economics should treat group behavior properly.

Suggested Citation

  • Da Silva, Sergio, 2014. "Time to Abandon Group Thinking in Economics - Updated," MPRA Paper 60559, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:60559
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    File URL: https://mpra.ub.uni-muenchen.de/60559/1/MPRA_paper_60559.pdf
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    References listed on IDEAS

    as
    1. Da Silva, Sergio, 2009. "Does Macroeconomics Need Microeconomic Foundations?," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 3, pages 1-11.
    2. Jean-Philippe Bouchaud, 2008. "Economics need a scientific revolution," Papers 0810.5306, arXiv.org.
    3. Jean-Philippe Bouchaud, 2008. "Economics needs a scientific revolution," Nature, Nature, vol. 455(7217), pages 1181-1181, October.
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    Cited by:

    1. Da Silva, Sergio, 2014. "The Mutual Gains from Trade Moderate the Parent-Offspring Conflict - Updated," MPRA Paper 60561, University Library of Munich, Germany.

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    More about this item

    Keywords

    Economic methodology; Biological basis of economics; Group thinking; Group behavior;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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