The economics of the mind

Salvatore Rizzello (University of Piemonte Orientale, Italy)

The Economics of the Mind addresses economics from the perspective of real men and women: how they assess things, decide and act. It looks at the choices we make, and calls for the assumptions which make up the foundations of economic theory to be consistent with the mechanisms which guide the workings of the human mind. The author begins by presenting an historical analysis of the role of knowledge and decision-making, taking into account the work of Hayek and Simon. Salvatore Rizzello then reconstructs the birth and development of neo-institutionalism, experimental economics and evolutionary economics. He discusses economic and social institutions and how these simplify the individual's choices related to knowledge and tasks. Specifically, he examines rules, learning and evolution in neo-institutional economics. The book breaks new ground on the role of the social sciences, and economics in particular, and suggests a move away from neoclassical economics towards a more definite link between economics, psychology and the artificial sciences. The book will be warmly welcomed by institutional and evolutionary economists, and those working in the field of economic psychology

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Year of publication:	1999
Authors:	Rizzello, Salvatore
Institutions:	Edward Elgar Publishing (publisher)
Publisher:	Cheltenham, UK : Edward Elgar Publishing
Subject:	Wirtschaftswissenschaft \| Economics \| Österreichische Schule \| Austrian economics \| Neoklassische Theorie \| Neoclassical economics \| Institutionenökonomik \| Institutional economics \| Transaktionskosten \| Transaction costs \| Evolutionsökonomik \| Evolutionary economics \| Theorie \| Theory \| Wiener Schule <Wirtschaftswissenschaften> \| Kapitaltheorie

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Extent:	1 Online-Ressource (xxi, 198 pages)
Type of publication:	Book / Working Paper
Language:	English
Notes:	Includes bibliographical references (pages [169]-190) and index Contents: Foreword (massimo egidi) -- Introduction -- Part I: Hayek's criticism to the neoclassical paradigm -- 1. Neoclassical paradigm and the anomaly of the austrian school -- 2. Hayek on competition and knowledge -- 3. Mind and institutions -- Part II: Simon's criticism: From substantive rationality to procedural rationality -- 4. Bounded rationality -- 5. Optimizing and "satisficing" -- 6. Problem-solving -- 7. Decision-making process: Procedural rationality and learning -- 8. Economics and psychology -- Part III: Neoinstitutionalism: Rules, learning and evolution -- 9. The implications of the neurobiological approach for economic theory (i): The decision-making process -- 10. The implications of the neurobiological approach for economic theory (ii): The process of exchange -- 11. The implications of the neurobiological approach for economic theory (iii): "path-dependency" -- 12. Transaction costs and the new theory of the firm -- 13. Evolution, organizations and institutions -- References -- Index.
ISBN:	978-1-0353-0409-7 ; 978-1-84064-163-9
Other identifiers:	10.4337/9781035304097 [DOI]
Classification:	Geschichte der Volkswirtschaft
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014473882