Adam Smith, Behavioral Economist

Authors: Ashraf, Nava; Camerer, Colin F.; Loewenstein, George

Source: The Journal of Economic Perspectives, Volume 19, Number 3, Summer 2005 , pp. 131-145(15)

Publisher: American Economic Association

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Abstract:

Adam Smith's psychological perspective in The Theory of Moral Sentiments is remarkably similar to "dual-process" frameworks advanced by psychologists, neuroscientists, and more recently by behavioral economists, based on behavioral data and detailed observations of brain functioning. It also anticipates a wide range of insights regarding phenomena such as loss aversion, willpower, and fairness that have been the focus of modern behavioral economics. This essay draws attention to some of these connections.

Document Type: Research article

DOI: http://dx.doi.org/10.1257/089533005774357897

Publication date: 2005-06-01

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The Journal of Economic Perspectives (JEP) attempts to fill a gap between the general interest press and most other academic economics journals. The journal aims to publish articles that will serve several goals: to synthesize and integrate lessons learned from active lines of economic research; to provide economic analysis of public policy issues; to encourage cross-fertilization of ideas among the fields of thinking; to offer readers an accessible source for state-of-the-art economic thinking; to suggest directions for future research; to provide insights and readings for classroom use; and to address issues relating to the economics profession.
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