A “new economic synthesis” (some are calling it a revolution) is under way, and long-held notions – Homo economicus and wisdom of the crowd among them – might just topple along with many of the tenets of neoclassical economic theory, according to a feature article in New Scientist that quotes a number of SFI external professors and collaborators.
The synthesis, notes the article, is a coming together of macroeconomics with not only behavioral economics, but with other fields, too – anthropology, ecology, and evolutionary biology, to name a few. Approaches from these fields could help economists account for more and subtler determinants of human behavior such as beliefs, cultural norms, and reactions to each other.
The article touches a number of complex systems ideas that have been explored at SFI, and by SFI researchers, for nearly three decades.
#neuroeconomy #behavioral_economy #bounded_rationality