A Framework for Cognitive Economics

A Framework for Cognitive Economics

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This is the first book-length work to integrate the insights of cognitive science fully into economics. It reviews a wide range of related work in both fields and proposes new approaches to choice theory, rationality, and interaction (equilibrium) that are consistent with the limited cognitive capacity of real human beings. While joining with neoclassical economics in supporting the validity of supply-and-demand theory where it is literally applicable, McCain challenges most neoclassical theory, especially monopoly, oligopoly, and general equilibrium theory and welfare economics. His work aims to further and unite recent notions of behavioral and social economics. This important work will be of interest to behavioral, social, and Keynesian economists, as well as other social scientists and philosophers interested in economic phenomena.To put the point in terms native to modern economic theory: The validity of a rationale depends on the individuala#39;s ... is no one unique, right answer, there are some knowably wrong answers, and neoclassical detective work can be helpful inanbsp;...

Title:A Framework for Cognitive Economics
Author:Roger A. McCain
Publisher:Greenwood Publishing Group - 1992-01-01


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