Bringing psychology and pluralism into the teaching of welfare economics

Earl, Peter E. (2014) Bringing psychology and pluralism into the teaching of welfare economics. International journal of Pluralism and Economics Education, 5 1: 58-77. doi:10.1504/IJPEE.2014.062389

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Author Earl, Peter E.
Title Bringing psychology and pluralism into the teaching of welfare economics
Journal name International journal of Pluralism and Economics Education   Check publisher's open access policy
ISSN 1757-5648
Publication date 2014-06-06
Year available 2014
Sub-type Article (original research)
DOI 10.1504/IJPEE.2014.062389
Open Access Status
Volume 5
Issue 1
Start page 58
End page 77
Total pages 20
Place of publication Olney, Bucks, United Kingdom
Publisher Inderscience
Collection year 2015
Language eng
Formatted abstract
This paper surveys lessons from psychology and behavioural economics that could readily be incorporated into the economics classroom to provide a pluralistic approach to teaching welfare economics and enhance the ability of economics graduates to make contributions to policy analysis. It focuses particularly on challenges that arise for consumers in today's fast-changing world due to their finite attentive capacities and their need to make sense of incoming stimuli by constructing their own subjective models. Rather than presenting a one-size-fits-all view of choice, the paper examines how the consumer's hard-wired inheritance and social inputs result in choices being made in different ways in different contexts. Consumers use creative thinking and experimentation to develop a sense of identity and what they should consume. The paper considers how this, and inherited basic needs, may limit willingness to make substitutions as market incentives change.
Keyword Behavioural economics
Evolutionary psychology
Welfare economics
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2015 Collection
School of Economics Publications
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Created: Tue, 13 Jan 2015, 15:18:39 EST by Alys Hohnen on behalf of School of Economics