Discover the clash between economists and psychologists in Behavioral Economics, the challenges faced in integrating the fields, and the origin of the term 'behavioral economics'. Explore the benefits of merging disciplines and perspectives, as well as the resistance met by new behavioral approaches.
Behavioral economics integrates insights from economists and psychologists, challenging traditional economic paradigms.
The field of behavioral economics faced resistance from classical economists and identity crises due to its interdisciplinary nature.
Deep dives
Behavioral Economics: A Blend of Economics and Psychology
Behavioral economics navigates the fundamental tension between economists and psychologists by integrating insights from both fields. Economists, entrenched in rational theories, resist behavioral insights that challenge their assumptions. Psychologists, more open-minded and empirical, embrace diverse empirical evidence. The field's identity crisis stems from not fitting neatly into either economics or psychology, requiring a delicate balance to create a culture accepting both perspectives.
The Establishment of Behavioral Economics Movement
Behavioral economics emerged as a rebellious yet influential movement challenging traditional economic assumptions. Individuals like Richard Thaler and Danny Kahneman led the charge by publishing groundbreaking research revealing the flaws of standard economic predictions. The movement faced skepticism and resistance from classical economists who deemed their work as 'ridiculous,' reflecting the clash between rationalist models and the emerging behavioral paradigm.
Evolution of Naming and Integration Efforts
The naming of 'behavioral economics' sparked debates and reflections on the field's identity and boundaries. From cognitive economics to psychological economics, the field struggled with its label and relations with psychology. The fusion of ideas from economics and psychology led to an interdisciplinary approach that challenged traditional disciplinary divisions, setting the stage for a more integrated future blending various social science disciplines.
Behavioral Economics was using psychology to understand economics, but what did economists and psychologists think about their unexpected marriage? Slowly, this fledgling field weathered a flurry of criticism from both sides as it doggedly held onto data-driven ideas about economic decision-making. This tension epitomized a broader struggle within Behavioral Economics, which aimed to harmonize insights from both disciplines while challenging traditional economic paradigms.
Embark on a journey that wasn't always smooth sailing. Unearth the fundamental clash between economists and psychologists, revealing their contrasting views on empirical evidence and theory. From contentious debates over ownership to deliberations on what to name it, the path to integrating these fields was filled with unforeseen twists, turns, and triumphs.
Discover
Economists push back to new behavioral approaches
How psychologists fought for a seat at the table
Where did the name “behavioral economics” come from?
The benefits we gain from integrating disciplines and perspectives
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