A Brain-Focused Foundation for Economic Science

A Proposed Reconciliation between Neoclassical and Behavioral Economics

Authors: McKenzie, Richard B.

  • Presents an innovative way of considering how best to understand economics: the brain-focused approach to scarcity
  • Unifies behavioral inductive findings with neoclassical deductive methods
  • Provides a nuanced critique of the shortcomings of both neoclassical and behavioral economics, while allowing the benefits of both
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  • ISBN 978-3-319-76810-6
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Hardcover $129.00
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  • ISBN 978-3-319-76809-0
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About this book

This book argues that Lionel Robbins’s construction of the economics field’s organizing cornerstone, scarcity—and all that has been derived from it from economists in Robbins’s time to today—no longer can generate general consent among economists. Since Robbins’ Essay, economists have learned more than Robbins and his cohorts could have imagined about human decision making and about the human brain that is the lynchpin of human decision making. This book argues however that behavioral economists and neuroeconomists, in pointing to numerous ways people fall short of perfectly rational decisions (anomalies, biases, and downright errors), have saved conventional economics from such self-contradictions in what could be viewed as a wayward approach. This book posits that the human brain is the ultimate scarce resource, and that a focus on the brain can bring a new foundation for economics and can save the discipline from hostile criticisms from a variety of non-economists (many psychologists).

About the authors

Richard B. McKenzie is the Walter B. Gerken Professor of Management and Society (Emeritus) in the Paul Merage School of Business at the University of California, Irvine, USA.  He has authored a large number of books, journal articles, and public commentaries mainly focused on economic policies, and he has maintained an abiding interest in economic methodology over the course of his career.

Table of contents (6 chapters)

  • Economists’ Founding Concerns in the History of Economic Thought

    McKenzie, Richard B.

    Pages 1-44

  • Lionel Robbins and Scarcity

    McKenzie, Richard B.

    Pages 45-61

  • From Robbins to Friedman and Beyond

    McKenzie, Richard B.

    Pages 63-92

  • Behavioral Economics, Evolution, and the Human Brain

    McKenzie, Richard B.

    Pages 93-149

  • The Human Brain: The Ultimate Scarce, Efficient, and Rational Resource

    McKenzie, Richard B.

    Pages 151-184

Buy this book

eBook $99.00
price for Mexico (gross)
  • ISBN 978-3-319-76810-6
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $129.00
price for Mexico
  • ISBN 978-3-319-76809-0
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
A Brain-Focused Foundation for Economic Science
Book Subtitle
A Proposed Reconciliation between Neoclassical and Behavioral Economics
Authors
Copyright
2018
Publisher
Palgrave Macmillan
Copyright Holder
The Editor(s) (if applicable) and The Author(s)
eBook ISBN
978-3-319-76810-6
DOI
10.1007/978-3-319-76810-6
Hardcover ISBN
978-3-319-76809-0
Edition Number
1
Number of Pages
XV, 219
Topics