Behavioral macroeconomics: Towards a newsynthesis?

Nikiforov, A. A.; Антипина, О.Н.

doi:10.32609/0042-8736-2016-12-88-103

Vopr. èkon.

2016

DOI: 10.32609/0042-8736-2016-12-88-103

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Behavioral macroeconomics: Towards a newsynthesis?

A. A. Nikiforov

О.Н. Антипина

Abstract: This article overviews the existing possibilities of synthetizing New Keynesian optimization models with the research in behavioral economics. These approaches allow to build empirically adequate macroeconomic models and to expound this framework as a new research program, as a unification of traditional macroeconomic theory and behavioral economics.

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Cited by 2 publications

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“…Macro models failed to predict the crisis and seemed to be unable to explain convincingly what was happening to the economy." (Nikiforov & Antipina, 2016) All this together means that it is impossible to ignore the connection of the two sciences: psychology and economics because only considering them together can provide comprehensive (at this stage of the development of economics) information about the economic processes.…”

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The Behavioral Economics: An Influence of Psychological Factors on the Economic Growth

Vukolov¹

2021

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Psychology as a branch of science could not take its place in the world for a long time. This fact says about a huge omission of a mass of intelligence by a human. However, the time overtook its own, and psychology became more significant for people and the economy in general. Being a science that would not exist without a human, it is impossible to omit its influence in it. Therefore, the main goal of this work is to consider the influence of behavioral mechanisms on decision-making by economic agents and, as a result, on economic growth. The theoretical part is closely interconnected with the practical part. This explains why the article does not have a clear separation between the two ones. Openings within the frame of behavioral economics embrace both the present and the past, which are aimed at showing both the fundamental nature of this knowledge and its undisputable relevance. These factors together represent a brief history of the development of this branch of knowledge. Through the prism of the main achievements of scientists of different years in the sphere of behavioral economics the irrational behavior of consumers was analyzed. This behavior was reflected in the examples, which showed simultaneously both: the main flaws of the classical macroeconomic models, and the importance of considering behavioral economics when analyzing aggregate demand and aggregate supply.

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The Behavioral Economics: An Influence of Psychological Factors on the Economic Growth

Vukolov¹

2021

MEST

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Human being as an economic actor: the potential of a dialogue between behavioral economics and modern Marxist political economy

Бузгалин

Manakhova

Молчанов

et al. 2022

Vestnik Moskovskogo universiteta. Seriâ 6, Èkonomika

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The article provides a comparative analysis of human theory within the framework of behavioral economics and modern Marxist political economy. Based on the systematized main items of these theories, the paper concludes that with all the fundamental differences, these directions reflect in different forms the objective phenomena of modern economics which require significant correction in prior notions of «homo economicus”. From the very beginning Marxist political economy would give a more complex picture with the diversity of goals and motives of human activity and behavior in different socio-economic systems. In recent decades behavioural economics has also taken these changes into account. Such corrections include, firstly, the interdisciplinary character of the study of a Man as an economic actor (behavioral economics stresses the importance of a dialogue with psychology and biology, Marxist political economy with social philosophy and sociology). Secondly, it is necessary to account not only for the irrational component of human behavior but also for the rational behavior’s orientation not only on market goals and values. Thirdly, taking into account the aggravation of global problems, both directions emphasize the need to add goals and values related to the development of human qualities, to the previous goals of economic activity (profit growth, GDP). At the same time the concept of «inclusive capitalism» is proposed within the «main trend» and at least deep reforms with concern to modern Marxism. The authors draw a conclusion concerning the possibility of advancing the strategy of eco-socio-cultural-oriented development based on the dialogue of the above-mentioned areas.

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Behavioral macroeconomics: Towards a newsynthesis?

Cited by 2 publications

References 21 publications

The Behavioral Economics: An Influence of Psychological Factors on the Economic Growth

The Behavioral Economics: An Influence of Psychological Factors on the Economic Growth

Human being as an economic actor: the potential of a dialogue between behavioral economics and modern Marxist political economy

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