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The Foundations of Positive and Normative EconomicsA Hand Book$
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Andrew Caplin and Andrew Schotter

Print publication date: 2008

Print ISBN-13: 9780195328318

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780195328318.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 18 October 2021

The Case for Mindful Economics

The Case for Mindful Economics

(p.42) (p.43) Chapter 2 The Case for Mindful Economics
The Foundations of Positive and Normative Economics


Oxford University Press

Economics, in this chapter, is defined as the study of institutions and variables that may affect certain “economic” choices that are relevant in ascertaining levels of wealth, health, material assets, and other possible sources of happiness. Mindful economics, or neuroeconomics—which veers away from “mindless economics” or an approach that utilizes rational choice and revealed preferences—attempts to make use of neural data in generating a neutral discipline and mathematical approach in dealing with economics. Such an approach would employ data from brain imaging, Transeranial Magnetic Stimulation (TMS), psychophysiological indicators, and other such measures. This chapter presents how behavioral economics, which integrates psychology and neuroeconomics which refers to neuroscience, can be considered in coming up with economic choice theories.

Keywords:   economics, economic choices, mindless economics, mindful economics, rational choice, neuroeconomics, brain imaging, TMs, behavioral economics

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