Economics and psychology

In contrast with what is stated in the article below, it’s not psychology that first saw what was wrong with economics, it is mathematics, namely a mathematician called Raymond Poincaré, in a letter to Walras. In short, Poincaré mentions the hyper-rational, and thus unreal, aspect of economics. Later arguments by psychologists trying to show that individuals were not maximizers were not taken by economists as any psychology, or psychological make up of the individual, is compatible with the abstract notion of maximization (or rather transitivity). Conventional economics remained immune of such attacks, and, in a way, they still do. What has changed is the appearing of new brands of economics, such as socio-economics, which showed to be more open to other social sciences.

But the encounter here considered did not really take place…


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