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The New Microeconomics: A Psychological, Institutional, and Evolutionary Paradigm with Neoclassical Economics as a Special Case
Author(s) -
MarkeyTowler Brendan
Publication year - 2019
Publication title -
american journal of economics and sociology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.199
H-Index - 38
eISSN - 1536-7150
pISSN - 0002-9246
DOI - 10.1111/ajes.12260
Subject(s) - perspective (graphical) , economics , socioeconomic status , neoclassical economics , positive economics , evolutionary economics , foundation (evidence) , core (optical fiber) , institutional economics , public economics , sociology , computer science , law , political science , population , telecommunications , demography , artificial intelligence
Microeconomics requires a new grounding or formulation that can account for a broader range of socioeconomic behavior than neoclassical economics does. The core of the neoclassical economics research program—the theory of rational choice—has offered insights into the determination of socioeconomic behavior. But other elements need to be integrated into a coherent microeconomic perspective. We introduce such a perspective in which neoclassical economics becomes a special case. This advances our understanding of the determinants of behavior in a coherent and integrated manner. This perspective may form the foundation of an evolutionary and institutional perspective on socioeconomic systems. This has practical value in designing strategy and policy.