2020 (17), №2

Behavioral Economics: Path to the Mainstream through Classical Economics

For citation: 

Upravitelev, A. A. (2020). Behavioral Economics: Path to the Mainstream through Classical Economics. Zhurnal Economicheskoj Teorii [Russian Journal of Economic Theory], 17 (2), 509-513

Abstract:

The issue of merging behavioral economics with the mainstream of economic thought is currently the subject of intense scientific debate. I would like to demonstrate the commonality of behavioral economics with classical economics, taking the view that the integration of these areas will take place soon. A comparison of the selective quotes of D. Ricardo, J. S. Mill, J. B. Say, J. Ch. Sismondi with the elements of theories underlying the behavioral economics, the concept of the bounded rationality and prospect theory allows finding out a lot of connection between these opinions. In this case, the authors had the same idea about the concept of the bounded rationality and prospect theory. However, this shows that behavioral economics can be viewed not as an opposition to the mainstream, as it looked, at least at the beginning of its development, but as a kind of return to the roots of economics. This significantly leads to the recognition of this research program as part of the mainstream of economic thought, in my view. It makes a contribution to the tools for analyzing the behavior of real economic agents and opens up new perspectives for the development of the economic theory itself.

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Aleksey Aleksandrovich Upravitelev — Master of Economics, PhD Candidate, St-Petersburg University (Saint Petersburg, Russian Federation; e-mail: a.a.upravitelev@gmail.com).

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