A Framework for Cognitive Economics

(Hardback)

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This work aims to integrate the insights of cognitive science fully into economics. It reviews a wide range of related work in both fields and proposes new approaches to choice theory, rationality, and interaction ("equilibrium") that are consistent with the limited cognitive capacity of real human beings. While joining with neoclassical economics in supportng the validity of supply-and-demand theory where it is literally applicable, McCain challenges most neoclassical theory, especially monopoly, oligopoly, and general equilibrium theory and welfare economics. His work aims to further and unite recent notions of behavioural and social economics. This work may be of interest to behavioural, social, and Keynesian economists, as well as other social scientists and philosophers interested in economic phenomena.

Author Bio

ROGER A. McCAIN is Professor of Economics at Drexel University of Philadelphia. He has contributed to many scholarly publications and is the author of Markets, Decisions, and Organizations (1981).