The Economics of the Mind

Download or read book The Economics of the Mind written by Salvatore Rizzello and published by Edward Elgar Publishing. This book was released on 1999 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Psychology must be taken into greater account in making the assumptions underlying economic theory congruent with how people actually make choices guiding behavior, according to this move away from the neoclassical paradigm. Rizzello (economics, U. of Torino, Italy) analyzes the debate raging since the 1930s over the role of knowledge between the Walrasian "objective" approach and Austrian School exponents such as Hayek, who acknowledged the partly unconscious nature of decision-making. The author then traces the development of neo-institutionalism, experimental economics, and evolutionary economics exemplified by the new theory of the firm; and discusses implications of the neurobiological approach. First published as L'Economia Della Mente (1997). Annotation copyrighted by Book News, Inc., Portland, OR