Friday, December 9, 2022

Neoclassical-behavioural synthesis: A significant development in economics ⭐

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According to the neoclassical paradigm, people rank alternatives on the basis of their desirability and choose optimally. How do they behave? An analysis of the context of the economics. Not long ago, in the first decade of this century, the state of the economics profession was marked by intense debate and disagreement. The adherents of two rival schools of thought, the neoclassical school and the behavioural school, did not see eye to eye in modelling and predicting economic behaviour. But the state of the profession is slowly but surely heading for a change. In keeping with Hegelian dialectic, thesis-antithesis-synthesis, the rivalry between the two schools of thought has now given rise to attempts to harmonize their seemi...

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