Crossing the Valley of Death Between Academic Research and Effective Policy: The Role of Behavioral Economics

Shlomo Maital ()
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Shlomo Maital: Samuel Neaman Institute for National Policy Research

Chapter Chapter 13 in Constructing a More Scientific Economics, 2022, pp 283-295 from Palgrave Macmillan

Abstract: Abstract The impact of carbon dioxide generated by fossil fuels on global warming has been known for 164 years, and the mean annual temperature of the Earth has been rising at least since 1880. Why then has the academic community been unable to translate its consensus on the climate crisis into effective immediate political action? Why have political systems nearly everywhere been unable to cross the Valley of Death between scientific evidence and effective public policy regarding greenhouse gases, climate change, and other social issues? Specifically, why have economists proven so ineffective in this domain? I argue that this is related to the rejection of the behavioral approach of Marshall in favor of the sterile mathematics of Walras. Behavioral economics can be a magic bullet.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:pal:paichp:978-3-030-83928-4_13

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DOI: 10.1007/978-3-030-83928-4_13

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