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With the rise of modern behavioural economics and increasing
interest in subjective well-being research, the question of the
relationship between economics and psychology has again been
brought to the fore. Drawing on the history of economic thought,
this book explores the historical relationship between the two
disciplines. The book opens with a description of the primary
philosophical foundations for early arguments supporting the
interplay between economics and psychology. Both classical
economists and other prominent pre-marginalists writers are
examined in this context. The ensuing discussion explores the
marginalist revolution and how well-known economists like Jevons
and Edgeworth, influenced by pre-marginalist writers, incorporated
ideas and findings from psychology. The book then describes how,
following the so-called “Paretian turn”, early neoclassical
economists attempted to expel psychological concepts from economic
analysis. Combined with the increasing formalization, the influence
of the classical physics scientific ideal, and the impact of
positivism, this methodological stance became dominant in modern
mainstream economics. In contrast, non-mainstream traditions
continued to acknowledge the significance of psychology in their
economic analysis. This tradition includes inter alia the so-called
old behavioral economics, mainly of Herbert Simon and George
Katona. The revival of psychology in economics came mainly with the
emergence and development of new behavioral economics as a distinct
branch during the last few decades. The trend was further assisted
by the emergence of the economics of subjective well-being.
Finally, the book briefly explores the state of the current debate
concerning the relationship between economics and psychology. This
book will be invaluable reading to anyone interested in the history
of the study of economics and psychology, as well as of great
interest to students and scholars of history of economic thought,
psychological economics, behavioral economics and the history and
philosophy of social sciences.
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