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But I think that precisely misses the point. Yes, orthodox academic economics focuses very deeply on the psychology of decision making, but it doesn't focus ve
by elvinyung 8y ago
But I think that precisely misses the point.
Yes, orthodox academic economics focuses very deeply on the psychology of decision making, but it doesn't focus very broadly on all the other things I mentioned. I love the work of Kahneman and Tversky (among others) as much as anyone else, but I would still further argue that there's so much more to do, that as far as I know, orthodox economics still mostly ignores other components of society within which economics is imbricated, such as the cultural (overviewed by the John Pickles paper I linked) and the affective (e.g. the unremunerated emotional and affective labor that the author mentions as integral to the functioning of the economy).
Can you argue that this is scope creep? Sure, but you can also go the other way, and argue that any reductionism will always make the model inaccurate. Striking a balance is obviously important here, but I would argue that it is necessary at the very least to try widening the scope, at least a little bit.