Trends and Recent Development in Behavioral Economics
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https://doi.org/10.5281/zenodo.10334501Keywords:
Behavioral Economics, Adam Smith, Rationality, Self-interestAbstract
Behavioral economics is a field of study that emerged in the first half of the 20th century, based on the idea that human psychology and behavior should be included in economic life. This field of study has led to a different approach to traditional theories and economic events by using concepts such as behavior, habits, expectations, and internal motivations. In particular, it has led to a different perspective on the theories put forward by neo-classical economics, regardless of time and place. Behavioral economics, which attracts attention with its dynamic and unique approach to the field of study and its perspective that seeks to find different answers to economic questions, is expected to guide modern economic theories. In this context, an evaluation was made in the study based on the basic questions addressed by behavioral economics and recent trends were discussed. The starting point in this discussion started with Adam Smit's distinction between self-interest and selfishness. Adam Smith's view of economic behavior as a part of social, cultural and political life caused the concepts of personal interest and selfishness to be interpreted differently in this perspective. The study will examine the trends in behavioral economics based on the distinction between these two concepts.
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