Munich Personal RePEc Archive

Psychological suggestion to P Krugman

Rosinger, Elemer Elad (2011): Psychological suggestion to P Krugman.

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Abstract

Recently, P Krugman has suggested that psychology should be included in the theory of economics in view of its critical role played in the behaviour of the large masses of people whose day to day participation impacts so heavily upon economic affairs. Here it is argued that such an inclusion of psychology as an important component of economic theory should further be extended to the psychology of theoretical economists as well. Indeed, the severe division of theoretical economists along various preconceived or a priori lines is still affecting with a massive negative effect our national and global economies. And while democracy may be a legitimate approach in politics, since no one can seriously claim that politics is a science, on the contrary, and precisely to the extent that economics is claimed by some to have by now reached the level of science, such arbitrary sharp divisions, mostly politically motivated, which we still have in the theory of economics may indeed require the urgent and significant consideration of the psychology of the respective theoretical economists.

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