THORSTEIN VEBLEN AND THE RISE OF THE BEHAVIORAL ECONOMICS

GHIURCĂ Camelia, Alexandru Ioan Cuza University of Iaşi, Romania

Abstract:
This article presents Thorstein Veblen’s perspective on economics. Long before Herbert A. Simon and Daniel Kahneman, Veblen was among the first economists criticizing the mathematisation of economics and the need to include in its theories concepts from psychology. His view was that economics needed to become an evolutionary science and human behavior, in particular, should be seen as a result of the influence of instinct and habit, Even though Veblen’s contribution to embbededness of psychlogy into economics has been left behind and only seldom is written about it, he was the first economicst to draw the path which today we call it behavioral economics.

Keywords: Thorstein Veblen, human behavior, behavioral economics

JEL Classification: B21, B3, N00

Volume: 71, Issue: 1

Pages: 45 - 50

Publication date: March, 2019

Download the article: http://economice.ulbsibiu.ro/revista.economica/archive/71105ghiurca.pdf

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