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A Brain-Focused Foundation for Economic Science

DOI: 10.1007/978-3-319-76810-6

ISBN: 978-3-319-76809-0

Publisher: Springer International Publishing - Springer Journals

Jun 7, 2018

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Chapter 1Economists’ Founding Concerns in the History of Economic Thought

McKenzie, Richard B.

Pages: 1 –44

[The history of economic thought has been one of an evolving methodological foundation for the discipline. In the late eighteenth century, Adam Smith saw “political economy” in broad terms, but mainly concerned with institutions and policies that encouraged maximum national economic growth. In...
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Chapter 2Lionel Robbins and Scarcity

McKenzie, Richard B.

Pages: 45 –61

[Disturbed by what he considered to be a lack of central focus to the work of practicing economists, Lionel Robbins dismissed a number of competing definitions for economics offered by economists for being flawed in one way or another, mainly in terms of their general applicability to all that...
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Chapter 3From Robbins to Friedman and Beyond

McKenzie, Richard B.

Pages: 63 –92

[In the early 1950s, Milton Friedman canonized neoclassical economics for his era of economists by accepting Robbins’ concept of scarcity as a core disciplinary concern and insisting that economists’ main concern was with “positive economics,” solely concerned with “what is,” not with what “ought...
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Chapter 4Behavioral Economics, Evolution, and the Human Brain

McKenzie, Richard B.

Pages: 93 –149

[As early as the late 1950s with the work of Herbert Simon, psychologists began questioning the value of unbounded rationality in economic modeling, noting that the human brain faced its own evolved limited and imperfect internal resources. Daniel Kahneman and Amos Tversky in the 1970s began...
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Chapter 5The Human Brain: The Ultimate Scarce, Efficient, and Rational Resource

McKenzie, Richard B.

Pages: 151 –184

[There is a growing divide between neoclassical and behavioral economics. This divide can be partially reconciled by recognizing that the critically scarce resources in all economic inquiries are inside the human brain, mainly neurons and energy that need to be rationally allocated by the brain...
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Chapter 6A Brain-Focused Neoclassical Microeconomics

McKenzie, Richard B.

Pages: 185 –206

[“Brain-focused neoclassical economics” uses neoclassical analytical methods to predict a range of human decision and behavioral flaws documented by behavioral economists and psychologists. It helps explain (and predicts), through deductive methodological means, many presumed “irrationalities,”...

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