EconPapers    
Economics at your fingertips  
 

Foundations of Complex Behavioral Economics

J. Barkley Rosser

Chapter Chapter 2 in Foundations and Applications of Complexity Economics, 2021, pp 25-51 from Springer

Abstract: Abstract Herbert A. Simon developed the idea of bounded rationality from his earliest works (Simon 1947, 1955a, 1957), which is viewed as the foundation of modern behavioral economics. Behavioral economics contrasts with more conventional economics in not assuming full information rationality on the part of economic agents in their behavior. In this regard, it draws on insights regarding human behavior from other social science disciplines such as psychology and sociology, among others. Without question, one can find earlier economists who argued that people are motivated by more than mere selfish maximization. Indeed, from the very beginnings of economics with Aristotle, who put economic considerations into a context of moral philosophy and proper conduct, through the father of political economy, Adam Smith in his Theory of Moral Sentiments (1759), to later institutional economists such as Thorstein Veblen (1899) and Karl Polanyi (1944) who saw peoples’ economic conduct as embedded within broader social and political contexts. Nevertheless, it was Simon who coined both of these terms and established modern behavioral economics.

Date: 2021
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-70668-5_2

Ordering information: This item can be ordered from
http://www.springer.com/9783030706685

DOI: 10.1007/978-3-030-70668-5_2

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

 
Page updated 2025-03-23
Handle: RePEc:spr:sprchp:978-3-030-70668-5_2