New Thinking in Economics from Neoclassical Theory to Behavioral Economics and Happiness Research
From the Standard Economic Model to Reality: What can/should companies learn?
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- Bu səhifədəki naviqasiya:
- not to believe a word of it
- 5. Happiness Research - What People really want
- Input
- 6. Happiness Research - Consequences for companies: a win-win situation
- Pillar 2
- Ethical leadership
- in the business of managing employee wellbeing
- 7. Happiness Research - Consequences for politics: the OECD Better Life Index
- 8. Turing away from Materialism - the Economist`s Recommendation to (more) Happiness (Subjective Well-Being)
4. From the Standard Economic Model to Reality: What can/should companies learn?47,48 “Your company has been operating on the premise that people – customers, employees, managers – make logical decisions. It`s time to abandon that assumption.” Dan Ariely, The end of Rational Economics, Harvard Business Review, July/August 2009, p. 78 From a business/ company perspective the discussion we have done till now is by far a theoretical discussion. It is important to be aware of these findings, because most of today's executives were more or less indoctrinated with the neoclassical assumptions in economics. Neoclassical theory was dominating economics the last three decades or so unfortunately. So generations of students were indoctrinated with the “believe” in the "Standard Economic Model" - without getting aware of it because SEM was not explicitly mentioned or discussed in the textbooks they had to use and the lessons they had to listen too. For example they implicitly were indoctrinated with the "believe" that humans normally are selfish or even greedy49 and more material things are better than less. And this had consequences for dealing with others especially in business and for setting personal life goals like focusing on money and status as primary goals in life and using life time to reach this. So unsustainable assumptions of neoclassical economics that lead to certain imprints cause faulty management decisions and bad leadership in companies and less personal happiness as it could be. Especially the questions how to treat employees/ others and how to create an effective award system in companies for motivating them were massively influenced by the (wrong) neoclassical assumptions of the SEM. Or to quote Mankiw/Taylor again: "Research has suggested that this (the Standard Economic Model / SEM, KR) is far from the case." which means with the SEM we cannot describe reality. Or to quote Kahneman again: „I had been professionally trained as a psychologist not to believe a word of it.“ So dealing with these assumptions in detail is compulsory to create room for overcoming old imprints and be ready to deal with the new thinking in economics without prejudice.
“The happiness of mankind … seems to have been the original purpose intended by the Author of nature, when he brought them into existence.” Adam Smith, The Theory of moral Sentiments, 1759 "How to gain, how to keep, how to recover happiness is in fact for most men at all times the secret motive for all they do." 51 William James, 1902 Interdisciplinary happiness research examines the question of what people really want. It is based on the fundamental economic question of how to use resources efficiently. It’s about how people use their ultimate scarce resources. The ultimate resources are our lifetime. So economics is about to make use of our time in order to be happy and satisfied in life as the final goal. To put it simple: We have to decide how to allocate the 24 hours we have each day. Input is our time, output is the utility we get from our time use (utility = subjective well-being)52. The decisive role which happiness research meanwhile plays in economics demonstrates also the quotation of Ben Bernanke: "The ultimate goal of Economics is, of course, to understand what constitutes well-being and how it can be increased / improved." 53 Ben Bernanke Chairman of the US-Central Bank (until end of January 2014) a) What is happiness (subjective well-being)? Happiness research deals with subjective well-being (SWB) and not with being "lucky", thus random luck (e.g. the probability of winning a lottery prize). Another word for SWB which is more common used in economics is utility. Often the term "happiness" is used in terms of "SWB" in literature too. In a more narrow use "happiness" means only "emotional well-being". On the other hand "statisfaction with life" means cognitive well-being. So SWB has two parts: emotional and cognitive well being. SWB is the self-perceived "happiness" (narrow use) and "satisfaction with life". SWB is used "along with measures of objective well-being (for example physical and economic indicators) to evaluate people`s quality of life."54 So subjective well-being (SWB) and objective well-being together are the "quality of life". The well-known OECD Better Life Index consists of subjective and objective well-being indicators. There are two characteristics of subjective well-being 55 (economically spoken: utility):
Emotional well-being is the emotional state at the moment. It is based mainly on the ratio between positive and negative emotions on a daily average. This is about the well-being that people experience as they live their lives. We should try to reach a ratio of at least 3:1 (positive to negative emotions). So we should strengthen our positive emotions f.e. via writing a gratitude diary some days a week for some months in order to change our negativity bias in our mind and viewing the world around us in a more realistic, not mainly negative way. On the other hand we should try to regulate our negative emotions which means to think about whether a negative emotion we feel makes a real sense in order to provide us with some valuable information about our current/future life. F.e. feeling anger because you are in a traffic jam doesn`t really make sense. So you can train not to get upset in such a situation.56 „Psychologists have long known that negative emotions narrow our thoughts and range of actions, which has served an important evolutionary purpose (fight the or flee from the tiger). ... Positive ones broaden the amount of possibilities we process, making us more thoughtful, creative, and open to more new ideas. … We even quite literally see more of what`s around us when we`re feeling happy.“57,58
Cognitive well-being is the degree of "satisfaction with life" - most it is measured on a scale from 0 (totally unsatisfied) to 10 (totally satisfied). It is an evaluation comparing what one wants (objectives, expectations, desires) with what one has, how life goes. It is about the judgment that people make when they evaluate their lives. Goal setting is important here, as the judgment is made based on whether the goals that are set by the people themselves are going to be met. But the question is also: Do I have valuable/meaningful and reachable goals? It is about the big picture: "There is no right life in the wrong life" - to quote the German philosopher Theodor W. Adorno. We know from psychology that goals like working on personal growth, good relations with others and contributions to society are valuable goals - putting priority on money, prettiness and publicity are not.59 A happy person often enjoys positive emotions and rarely experiences negative feelings in the “here” and “now”. He/she sees a meaning in his/her life - therefore pursues meaningful and realistic (life-) goals. To put it different: Happiness implies a positive mood in the present and a positive outlook for the future. To quote some very well-known psychologists working in the field of happiness research: “Happiness is the experience of frequent, mildly pleasant emotions, the relative absence of unpleasant feelings, and a general feeling of satisfaction with one`s life.” Robert Biswas-Diener, Ben Dean, Positive Psychology Coaching – Putting the Science of Happiness to Work for Your Clients, Hoboken (New Jersey) 2007, p. 41. „Happiness implies a positive mood in the present and a positive outlook for the future.“ Shawn Achor, The Happiness Advantage - The Seven Principles of Positive Psychology That Fuel Success and Performance at Work, New York 2010, p. 39. b) What are the sources of Subjective Well-being (the so called "Happiness Factors")? The interdisciplinary research on happiness deals intensively with the question of what factors contribute to our subjective well-being - the so-called happiness factors. The following factors were identified by happiness research:
Social relationships are an important factor of happiness, but also work plays an important role as well. We need work because we want to do something useful with our time and to generate income. Work creates opportunities for intellectual development. Work conveys the feeling of being needed, strengthens our confidence, creates identity and provides social contact. Having a look at the framework a society offers for its inhabitants the most important factor for happiness is trust. This means trust in others, trust in companies and trust in the government/ governmental institutions like the legal system and so on. For a society as such the most important indicator of happiness is the degree of trust in the society. Trust is also the decisive factor in case of the economy.62 In Deutsche Post Glücksatlas 2015 Andrew E. Clark (Paris School of Economics) pointed to the fact that a trust based society is also wished by most people because how we behave with each other is decisive for our happiness.63 Daron Acemoglu and James A Robinson published a fundamental book about "Why Nations Fail. The Origins of Power, Prosperity, and Poverty" in 2012. They write that trust in institutions and in the legal system which is produced by this institutions is decisive for explaining the differences between countries/ nations worldwide.64 "... trust and cooperative norms refers to the shared value expectations that underpin societal functioning and enable mutually beneficial co-operations." OECD, How`s Life? 2013 - Measuring Well-Being, Paris 2013, p. 187. In the OECD Better Life Index "trust" as part of the social capital is a decisive item in measuring the sustainability of well-being over time.
Someone who is working on becoming happy and satisfied, will not only feel subjectively better, but also will have more energy, a better creativity, strengthen the immune system, have stronger relationships, work productively and increase his life expectancy. "Happy people live longer, stay married longer, make more money, receive better evaluations from work supervisors, take fewer sick days, are more altruistic and more creative. ... Happiness is functional. Individuals, families, organizations, and societies need happy individuals to flourish. Happy people are more likely to be curious and explore, to take risks and to seek new social contacts."65 „Coventional wisdom holds that if we work hard, we will be more successful, and if we are more successful, then we`ll be happy. … But recent discoveries in the field of positive psychology have shown that this formula is actually backward: Happiness fuels success, not the other way round. ... Psychologists have long known that negative emotions narrow our thoughts and range of actions, which has served an important evolutionary purpose (fight the or flee from the tiger). … Positive ones broaden the amount of possibilities we process, making us more thoughtful, creative, and open to more new ideas. … We even quite literally see more of what`s around us when we`re feeling happy. ... Based on Losada`s extensive mathematical modeling, 2.9013 is the ration of positive to negative interactions necessary to make a corporate team successful. This means that it takes about three positive comments, experiences, or expressions to fend off the languishing effect of one negative.“66 d) The relationship between happiness and economic growth in Western industrialized countries over the last decades - or: Can money buy happiness? "If it turns out to be true that rising incomes have failed to make Americans happier, as much of the recent research suggests, what is the point of working such long hours and risking environmental disaster in order to keep on doubling and redoubling our Gross Domestic Product?"67 Derek Bok President of Harvard University from 1971 to 1991 and from 2006 to 2007 “For example, although today most Americans surveyed will tell you they are happy with their lives, the fraction of those who say that they are happy is not any higher than it was 40 years ago. … Or, as your parents always said, money doesn`t buy happiness.”68 Ben S. Bernanke Chairman of the US-Central Bank (until end of January 2014)
The two psychological phenomena are adaptation and comparison:70 - Adaptation: On the one hand, expectations adapt to the actual development. That is, as income increase expectations also increases, therefore, no greater satisfaction arises (so-called hedonic treadmill). - Comparison: On the other hand – if the basic material needs are satisfied - less absolute income, but rather more relative income - i.e. one's income in comparison to other is decisive. A general increase in income for everybody results in an increase of social norms, therefore the level of satisfaction does not increase, as everyone receive more. With income changes: The sum of ranking positions in a economy is fixed – when one rises, another one must scale down - a zero sum game. 6. Happiness Research - Consequences for companies: a win-win situation71 "Why do we keep ourselves busy with happiness and satisfaction? … The reason is quite simple: Investigations in the fields of neurobiology, psychology as well as in the field economics make the link between happy and satisfied employees and better business results completely clear. … . " Harvard Business Review, Editorial, January / February 2012 p. 77 In management this topic is discussed in the literature about "Positive Organization Scholarship". The insights of happiness research from psychology which are from the field of Positive Psychology72 are used to improve management in companies.73 Also the discipline "Organizational Behavior" is dealing with this topic.74 We explain in our book entitled "Healthy Leadership with findings/perceptions of happiness research" (the original title in German is: "Gesundes Führen mit Erkenntnissen der Glücksforschung" - http://shop.haufe.de/gesundes-fuehren-mit-erkenntnissen-der-gluecksforschung - the target group of this book are managers) the meaning of "baseless assumptions" as well as the state of the current findings of the interdisciplinary research in economics in order to derive recommendations for management and personnel.75 a) Why should companies care about the well-being of their employees?
(Employer rating potal "Kununu" - belongs to the career network Xing - and "Job voting") - Keyword Employer Branding;
Alone for economic reasons because of the demographic development and changing values of Generation Y, companies should look after the happiness and satisfaction of their employees in the near future, in order to compete without having bad cards. A persuasive, science-based "happiness strategy" will soon be a central component of a successful "Employer Branding". b) Where can companies concretely begin? Two-pillar-concept (happiness strategy) to increase Well-being: Pillar 1 is about raising awareness / supporting the employees. It's about pointing out the basic findings of the interdisciplinary happiness research (What is happiness (SWB)?, what makes/brings to Happiness ?, what are the factors of happiness ?, what is the significance/importance of work and money?), and a clarification of what an individual himself can do (happiness activities). Pillar 2 is about where the company can begin to improve the conditions for Well-being. This concerns the leadership style, the nature of workplace design and a sustainable work-life balance.
Satisfaction with the compatibility of work and private life means above all an improvement of the compatibility between work and family life. Without an adequate work-life balance a sustainable satisfaction cannot be achieved, therefore productivity at work will eventually suffer.
The company can lay the foundations in which a job is conceived as a vocation and therefore corresponds to work flow-experiences:
Flow activities are mainly characterised by being challenging activities that require special skills, focus all the attention on that action, targets are clearly outlined and instant feedback is given. With this kind of action you can totally forget everything around you and live up in your activity and totally forget about time. If you get into that flow, working goes on its own, and you don’t always have to force yourself to stay focused on the job. - Leadership: It doesn’t work without leadership ethics and social/soft skills. Leadership has a central meaning. What is it about in details? It is basically an ethical-conscious management. Ethical leadership describes the individual self-discipline to balance between what is best in your own interests and what should be done in the interest of others. In other words, it is about the behaviour that follows the golden rule. Golden Rule: “How you want to be treated by others – that’s how you should treat them"(Bible, New Testament, Matthew 7:12) -. The philosopher Immanuel Kant speaks of the categorical imperative. The Golden Rule applies to all areas of life, particularly in the area of dealing with each other in companies. Without this anchor, without such "leadership ethics", it will be difficult - game theoretic speaking - to attract employees to co-operate, that is releasing commitment and creativity. In concrete terms managers should show interest in the welfare of their employees, care for them, take them seriously and be polite, put emphasis on politeness in the way employees deal with each other and enforce good behaviour. This involves:
„Whether you manage a few people, lead a large group, or run an entire organiziation, you are already in the business of managing employee wellbeing. The research on this topic is quite clear: Your workforce`s wellbeing has a direct impact on your organization`s bottom line.“ Tom Rath, Jim Harter, The Economics of Wellbeing, New York (Gallup) 2010, p. 1 7. Happiness Research - Consequences for politics: the OECD Better Life Index Research shows that the influence of material things on subjective well-being are very limited after the basic material needs are satisfied. But this has clear consequences for the policy of the government: Rather than focusing on economic growth it is central to directly focus on those factors which are decisive for improving subjective well-being. In this context OECD started its Better life initiative in 2011: "Over the past 50 years, the OECD has developed a rich set of recommendations on policies that can best support economic growth. The task that we face today is to develop an equally rich menu of recommendations on policies to support societal progress: better policies for better lives.” OECD: Better Life Initiative Website, May 2011. What is the content of this initiative? "Are our lives getting better? How can policies improve our lives? Are we measuring the right things? The OECD Better Life Initiative and the work program on Measuring Well-Being and Progress answer these questions. They allow understanding what drives well-being of people and nations and what needs to be done to achieve greater progress for all." OECD, Better Life Initiative: Measuring Well-Being and Progress, December 2015 (http://www.oecd.org/statistics/better-life-initiative.htm)
“Understanding and improving well-being requires a sound evidence base that can inform policymakers and citizens alike where, when, and for whom life is getting better. These Guidelines have been produced under the OECD’s Better Life Initiative – a pioneering project launched in 2011, which aims to measure society’s progress across eleven domains of well-being, ranging from income, jobs, health, skills and housing, through to civic engagement and the environment. Subjective well-being – i.e. how people think about and experience their lives – is an important component of this overall framework. To be most useful to governments and other decision-makers, however, subjective well-being data need to be collected with large and representative samples and in a consistent way across different population groups and over time."77 „But what ultimately matters is the well-being of citizens.“ OECD, HOW`S LIFE - Measuring Well-Being, Paris 2011, p. 16 The OECD Better life index consists of eleven main/general indicators, some of them are subjective some of them are objective. Each indicator has some sub-indicators to get some concrete figures. Indicators are not only measured by average figures but also questions of distribution are taken into account. The theoretical and empirical background is that Subjective Well-Being (measured concrete as Life Satisfaction) is influenced positively and independently by the remaining 10 indicators like Education, Health, ... . So SWB is somewhat the dependent variable.78
"The OECD aims to promote "better policies for better lives". Doing this requires a good understanding of what it means to have a better life; an assessment of people`s well-being today along with a sense of what improvements should be prioritised." OECD, How`s Life 2015, p. 22 Every two years the OECD is publishing a report about "HOW`S LIFE" in which the progress in this field is discussed. Meanwhile there are three reports (2011, 2013 and 2015). The EU (European Union) is working on this field intensively, too. More information about the well-being of Europeans could be found at the homepage "Quality of Life" (http://ec.europa.eu/eurostat/cache/infographs/qol/index_en.html) and in the report "Quality of Life - facts an views" published by Eurostat - the statistical office of the European Union - 2015. In Germany we have one of the best data availability in case of happiness research worldwide. Since the middle of the 1980ties there is the German Socio-Economic Panel (SOEP). It is a wide-ranging representative longitudinal study of private households, located at the German Institute for Economic Research, DIW Berlin. Every year, there were nearly 11,000 households, and about 30,000 persons sampled (http://www.diw.de/en/soep). From the start the participants have not only been asked about objective items like the income they earn etc. but also about subjective questions like their satisfaction with life (on a scale from 0 - totally unsatisfied to 10 - totally satisfied). Since 2011 there is a special publication the so-called "Deutsche Post Glücksatlas" (happiness atlas) too which is financed by the Deutsche Post as public relations activity. It deals with happiness in Germany and in the different regions of Germany. It is based mainly on the data from SOEP and there is each year a special topic in the Glücksatlas which is discussed in more detail. In 2015 this special topic is the question what factors are important for happiness at work (for more information in German see http://www.gluecksatlas.de/cms/2015/start.html) Worldwide there is the World Happiness Report published by the UN Sustainable Development Solutions Network (SDSN) (in 2012, 2013 and 2015 http://worldhappiness.report/). The task of the SDSN is to mobilize global scientific and technological expertise to promote practical problem solving for sustainable development, including the design and implementation of the Sustainable Development Goals (SDGs) of the UN. Following their adoption, the SDSN is now committed to supporting the implementation of the SDGs at local, national, and global scales. At the United Nations Sustainable Development Summit 2015 which took place in New York from 25.-27. September 2015 the new United Nations Sustainable Development Goals (2015-2030) were passed. Sustainable Development Goal 3 which is dealing with health is formulated in the following way: "Ensure healthy lives and promote well-being for all at all ages." There are two concrete indicators for monitoring this goal: Healthy life expectancy and life satisfaction. 8. Turing away from Materialism - the Economist`s Recommendation to (more) Happiness (Subjective Well-Being)79 "It does appear that, despite the massive increase in wealth, income and access to material goods and services, for many people in developed countries over the last 50 years, our perception of happiness has not really changed that much. Increased wealth has not brought with it similar increase in happiness. Numerous surveys have highlighted relatively stable rates of "happiness" in rich countries."80 N. Gregory Mankiw/ Mark P. Taylor In the Western world and in other countries with already enough material goods we should therefore be very careful not to concentrate/focus too much on material goals which contributions to a happy life are very limited. We should use our time more in efficient - which means happiness creating - for example for social relationships, dealing with topics someone is really interested in ... (see happiness factors). Some years ago I had the privilege to spend some days with the President of the Centre for Bhutan Studies & Gross National Happiness Research, Dasho Karma Ura. At that time I was asked by a journalist whether there is any difference between happiness research in Bhutan and in the Western world. I said: The difference is that dealing with happiness research in Bhutan is based on the insights of Buddhism, but dealing with/ the reason for happiness research in the Western World is based on the simple (late) insight that the contribution of material things to happiness is very limited. „Since the consumption benefit approaches zero as income rises, happiness profiles over time in developed countries are flat.” Andrew Clark, Paul Frijters, Michael Shields, Relative Income, Happiness, and Utility: An Explanation for the Easterlin Paradox and Other Puzzles, in: Journal of Economic Literature, Vol. 46 No. 1, March 2008, p. 137 So the insights of happiness research will lead to a turn away from materialism81 because materialism simply doesn`t lead to happiness - in the contrary.82 "The more materialistic values are at the center of our lives, the more our quality of life is diminished." Tim Kasser, The high price of materialism, Cambridge/ Massachusetts, 2002, p. 14. So pursuing materialism as a goal is simple not reasonable or economical because we don`t use our time in an efficient way to get what we really want. But worldwide we have to talk about the distribution of income and wealth. The OECD Better Life Index and the new UN Sustainable Development Goals 2015 - 2030 taking this into account.83 We should not forget the subject of economics:
And to quote Ben Bernanke again: "The ultimate goal of Economics is, of course, to understand what constitutes well-being and how it can be increased / improved." On the one hand: Taking in account that the ultimate goal ("end") of Economics is to increase happiness (utility) going away from (not using our "scarce means (time)" for) materialism is efficient. On the other hand: This shift in goals contributes/ helps us strongly to protect our planet from getting destroyed and to preserve it for future generations. „But what ultimately matters is the well-being of citizens.“ OECD, HOW`S LIFE - Measuring Well-Being, Paris 2011, p. 16 The Nobel Prize winner in literature of the year 1925, George Bernard Shaw, said a long time ago: "Economics is the art of making the most of our lives." Poem (Gedicht) from Johann Wolfgang von Goethe, 1827 about Happiness: Erinnerung Willst Du immer weiter schweifen? Sieh, das Gute liegt so nah, lerne nur das Glück ergreifen, denn das Glück ist immer da.
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Karlheinz Ruckriegel, Happiness Research (Glücksforschung) - eine Abkehr vom Materialismus, Nürnberg May 2007. Karlheinz Ruckriegel, Die Wiederentdeckung des Menschen in der Ökonomie - Von der Neoklassik zurück(!) zur Psychologischen Ökonomie (Behavioral Economics) und zur Glücksforschung (Happiness Research), Nürnberg 30.12.2010 (www.ruckriegel.org - Aufsätze/ Papers - 2010). Karlheinz Ruckriegel, Bundesverfassungsgericht versus EZB/Eurosystem - zur Frage der Effizienz von Finanzmärkten, Schriftenreihe der Technischen Hochschule Nürnberg Georg Simon Ohm Nr. 56, Nürnberg March 2014. Karlheinz Ruckriegel, Zur Verwendung von "Subjektiven Indikatoren" (Erkenntnissen der interdisziplinären Glücksforschung) in der (Wirtschafts-) Politik - eine grundsätzliche Kritik am Sachverständigenrat Wirtschaft (SVR), Sonderdruck Schriftenreihe der Technischen Hochschule Nürnberg Georg Simon Ohm Nr. 58, Nürnberg January 2015. 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Robert Shiller, Irrational Exuberance, Third Edition, Princeton 2015. Tania Singer, Matthieu Ricard, Mitgefühl in der Wirtschaft - Ein bahnbrechender Forschungsbericht, München 2015. Gretchen Spreitzer, Christiane Porath, Creating Sustainable Performance, Harvard Business Review, The Value of Happiness – How Employee Well-Being Drives Profits (topic), January-February 2012, p. 93-99. Joseph Stiglitz, The Great Divide: Unequal Societies and What We Can Do About Them, New York 2015. Joseph Stiglitz, Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity, New York 2015. Cass R. Sunstein: Why Nudge?: The Politics of Libertarian Paternalism, Yale 2015. Richard Thaler, Misbehaving - The Making of Behavioral Economics, New York 2015. Richard H. Thaler, Cass R. Sunstein, Nudge – Improving Decisions about Health, Wealth, and Happiness, New Haven/ London 2008. The Mayo Clinic Handbook for Happiness, Boston 2015.
Joachim Weimann, Andreas Knabe, Ronnie Schöb, Geld macht doch glücklich, Stuttgart 2012. Joachim Weimann, Verhaltensökonomik und Politikberatung, in: Martin Held, Gisela Kubon-Gilke, Richard Sturn (Ed.): Reformen und ihre politisch-ökonomischen Fallstricke, Marburg 2015, p. 107 - 137. William White, Modern Macroeconomics is on the Wrong Track, in: Finance and Development, December 2009, S. 15-19. Richard Wilkinson, Kate Pickett, The Spirit Level, Why More Equal Societies Almost Always Do Better, London 2009. Edward O. Wilson, The Social Conquest of Earth, New York 2012. World Happiness Report 2015. 1 Lionel Robbins, An Essay on the Nature and Significance of Economic Science, London 1932, p. 15. 2 N. Gregory Mankiw, Mark P. Taylor, Economics – Special Edition with the coverage of the world financial crisis, Andover (UK) 2010, p. 846. 3 Karlheinz Ruckriegel, Happiness Research (Glücksforschung) - eine Abkehr vom Materialismus, Sonderdruck Schriftenreihe der Technischen Hochschule Nürnberg Georg Simon Ohm Nr.38, Nürnberg May 2007. 4 Richard H. Thaler, Misbehaving – The making of Behavioral Economics, New York / London 2015, book cover. 5 George A. Akerlof, Robert J. Shiller, Animal spirits – How Human Psychology Drives the Economy, and why it Matters for Global Capitalism, Princeton 2009, p. 146. 6 Lionel Robbins, An Essay on the Nature and Significance of Economic Science, London 1932, p. 15. 7 Karlheinz Ruckriegel, Abschied von der Neoklassik (Standard Economic Model), Sonderdruck Schriftenreihe der Technischen Hochschule Nürnberg Georg Simon Ohm Nr. 59, Nürnberg February 2015; Karlheinz Ruckriegel, Bundesverfassungsgericht versus EZB/Eurosystem - zur Frage der Effizienz von Finanzmärkten, Schriftenreihe der Technischen Hochschule Nürnberg Georg Simon Ohm Nr. 56, Nürnberg March 2014; Karlheinz Ruckriegel, Die Wiederentdeckung des Menschen in der Ökonomie - Von der Neoklassik zurück(!) zur Psychologischen Ökonomie (Behavioral Economics) und zur Glücksforschung (Happiness Research), Nürnberg 30.12.2010 (www.ruckriegel.org - Aufsätze/ Papers - 2010). 8 N. Gregory Mankiw, Mark P. Taylor, Economics – Special Edition with the coverage of the world financial crisis, 2010, p. 846. 9 A good description of the neoclassical theory could be found in Joachim Weimann, Andreas Knabe, Ronnie Schöb, Geld macht doch glücklich, Stuttgart 2012, p. 163-200. 10 See Eric D. Beinhocker, The Origin of Wealth, Cambridge Mass. 2006; Karlheinz Ruckriegel, Die Wiederentdeckung des Menschen in der Ökonomie - Von der Neoklassik zurück(!) zur Psychologischen Ökonomie (Behavioral Economics) und zur Glücksforschung (Happiness Research), Nürnberg 30.12.2010 (www.ruckriegel.org - Aufsätze/ Papers - 2010). 11 Sylvie Geisendorf, The irrational foundation of neoclassical economics. How a simplified Newtonism shaped the perception of the economy, in: Walter Otto Ötsch, Claus Thomasberger (Hrsg.), Der neoliberlae Markt-Diskurs – Ursprünge, Geschichte, Wirkungen; Marburg 2009, S. 163. 12 Hal R. Varian, Intermediate Microeconomics: A Modern Approach, 8th edition, New York 2010, Chapter 30 "Behavioral Economics", p. 566. 13 Max H. Bazerman, Don A. Moore, Judgment in Managerial Decision Making, Eighth Edition, Hoboken (USA) 2013; Harvard Business Review, How to make better decisions - How to outsmart your biases and broaden your thinking (topic), Mai 2015; Roderick M. Kramer, Ann E. Tenbrunsel, Max H. Bazerman, Social Dilemmas, Social Values and Ethical Judgments, New York 2010; Karlheinz Ruckriegel, Günter Niklewski, Andreas Haupt, Gesundes Führen mit Erkenntnissen der Glücksforschung, Freiburg 2014. 14 Robert S. Pindyck, Daniel L. Rubinfeld, Microeconomics, 7th Edition, London 2009, p. 70. The argumentation could be found in the latest German version of the 8. Edition: Robert S. Pindyck, Daniel L. Rubinfeld, Mikroökonomie, 8th Edition, München 2013, p. 110 too. 15 See also: Jürgen Kromphardt, Der jüngste Methodenstreit: Alter Streit mit neuem Akzenten, Heinz D. Kurz (Ed.), Studien zur Entwicklung der ökonomischen Theorie, Berlin 2014, p. 11-33. 16 Quoted from Richard H. Thaler, The Making of Behavioral Economics, New York 2015, preface xi. 17 See the interview "Can Money Buy You Happiness?" Angus Deaton gave at the day he got the nobel prize in Stockholm on 10 December 2015 (http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2015/deaton-interview.html). 18 See the interview with Robert Shiller he gave at the day he got the nobel prize in Stockholm on 6 December 2013 (http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/2013/shiller-interview.html) 19 See the interview with Daniel Kahneman and Vernon L. Smith they gave at the day they got the nobel prize in Stockholm on 12 December 2002 (http://www.nobelprize.org/mediaplayer/index.php?id=532). 20 Daniel Kahneman, Psychological Perspective on Economics, in: American Economic Review, Vol. 93 (2003), No. 2, S. 162; Karlheinz Ruckriegel, Quo vadis, Home oeconomicus?, WISU, 36. Jg., February 2007, p. 198 – 201. 21 See for example Egon Görgens, Karlheinz Ruckriegel, Franz Seitz, Europäische Geldpolitik, 6th Edition, Konstanz/München 2013, p. 61-78: "Qou vadis, Europäische Währungsunion"; Karlheinz Ruckriegel, Bundesverfassungsgericht versus EZB/Eurosystem - zur Frage der Effizienz von Finanzmärkten, Schriftenreihe der Technischen Hochschule Nürnberg Georg Simon Ohm Nr. 56, Nürnberg March 2014. 22 Justin Fox, The Myth of the Rational Market, New York 2009, S. xi f (introduction). 23 Justin Fox, The Myth of the Rational Market, New York 2009, S. xiii (introduction). 24 Paul Krugman, How did Economists Get It so Wrong, New York Times, 6. September 2009. 25 William White, Modern Macroeconomics is on the Wrong Track, in: Finance and Development, December 2009, p. 17. 26 Deutsche Bundesbank - the German central bank - published an interesting article in this context: Investor behaviour in theory and practice, Monthly Report, January 2011, p. 43-54. Yüklə 265,54 Kb. Dostları ilə paylaş:
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