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  4. Summer 2005
  5. Adam Smith, Behavioral Economist

Journal of Economic Perspectives

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

Adam Smith, Behavioral Economist

  • Nava Ashraf
  • Colin F. Camerer
  • George Loewenstein
Journal of Economic Perspectives
vol. 19, no. 3, Summer 2005
(pp. 131–145)
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Abstract

Adam Smith's psychological perspective in The Theory of Moral Sentiments is remarkably similar to "dual-process" frameworks advanced by psychologists, neuroscientists, and more recently by behavioral economists, based on behavioral data and detailed observations of brain functioning. It also anticipates a wide range of insights regarding phenomena such as loss aversion, willpower, and fairness that have been the focus of modern behavioral economics. This essay draws attention to some of these connections.

Citation

Ashraf, Nava, Colin F. Camerer, and George Loewenstein. 2005. "Adam Smith, Behavioral Economist." Journal of Economic Perspectives, 19 (3): 131–145. DOI: 10.1257/089533005774357897

JEL Classification

  • B31 History of Economic Thought: Individuals
  • D01 Microeconomic Behavior: Underlying Principles
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