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Individualist Economics Without Psychology

Chapter
Part of the Recent Economic Thought Series book series (RETH, volume 13)

Abstract

Neoclassical economics is often thought to need an infusion of social psychology. There are two reasons for this. One is that economics should be able to recognize the social interaction between individual decision-makers; the other is that economics should recognize that the nature of an individual’s utility function is essentially psychological. Both of these criteria involve the methodological requirements of an individualism that is at the foundations of neoclassical economics. In this short chapter I would like to explain why the requirements of methodological individualism do not necessitate an infusion of social psychology.

Keywords

Utility Function Demand Curve Moral Dilemma Neoclassical Economic Methodological Individualism 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Kluwer Academic Publishers, Boston 1988

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