Does Economics Need Psychology?

Petr Špecián



The study shows a contrast between the Beckerian economic approach and behavioral economics. The methodological comparison of both alternatives is emphasized as well as the assessment of behavioral economics' potential to cause a paradigm shift in economic thinking. I argue that behavioral economics was unable to offer a theoretical alternative to homo economicus so far. Also, its potential to overcome the rational choice theory in the long run predictive success that is the standard benchmark for theory evaluation in economics may be limited.


teorie racionální volby; homo economicus; behaviorální ekonomie; predikce

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TEORIE VĚDY / THEORY OF SCIENCE – journal for interdisciplinary studies of science is published twice a year by the Institute of Philosophy of the Czech Academy of Sciences (Centre for Science, Technology, and Society Studies). ISSN 1210-0250 (Print) ISSN 1804-6347 (Online) MK ČR E 18677 web: /// email: