Behavioral Economics

The Human Sciences Area of Knowledge focuses on the social sciences NOT including history.  Behavioral Economics is an excellent discipline to study within this AOK because it is the marriage between psychology and economics, two previously distinct social sciences.

Read this primer below from Harvard Magazine on Behavioral Economics and then head to the internet to find some interesting studies emanating from the discipline!

http://harvardmagazine.com/2006/03/the-marketplace-of-perce.html

We’ll discuss the following questions related to the study/research/finding you discover:

  1. What prior assumptions did this research refute?
  2. What assumptions are present in the research?
  3. Are any truth claims made?
  4. What is the impact of these findings?
  5. What are the implications beyond the immediate findings?
  6. What Ways of Knowing were utilized in constructing this knowledge?
  7. What are the limitations of the findings?
  8. What are the strengths of the findings?
  9. SO WHAT?!!?! Why does this finding matter to you?

So what does this mean for economics as a discipline? Can we create models that accurately predict economic performance? If no, then what is the most beneficial path forward?  Does this make you favor government regulation more so than previously?

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