scholarly journals THE BEHAVIORAL ECONOMICS: AN INFLUENCE OF PSYCHOLOGICAL FACTORS ON THE ECONOMIC GROWTH

MEST Journal ◽  
2021 ◽  
Vol 9 (1) ◽  
pp. 199-206
Author(s):  
Dmitry Vukolov
Keyword(s):  
Economic Growth ◽  
Behavioral Economics ◽  
Aggregate Demand ◽  
Macroeconomic Models ◽  
Economic Agents ◽  
The Past ◽  
Irrational Behavior ◽  
Long Time ◽  
History Of ◽  
Behavioral Mechanisms

Psychology as a branch of science could not take its place in the world for a long time. This fact says about a huge omission of a mass of intelligence by a human. However, the time overtook its own, and psychology became more significant for people and the economy in general. Being a science that would not exist without a human, it is impossible to omit its influence in it. Therefore, the main goal of this work is to consider the influence of behavioral mechanisms on decision-making by economic agents and, as a result, on economic growth. The theoretical part is closely interconnected with the practical part. This explains why the article does not have a clear separation between the two ones. Openings within the frame of behavioral economics embrace both the present and the past, which are aimed at showing both the fundamental nature of this knowledge and its undisputable relevance. These factors together represent a brief history of the development of this branch of knowledge. Through the prism of the main achievements of scientists of different years in the sphere of behavioral economics the irrational behavior of consumers was analyzed. This behavior was reflected in the examples, which showed simultaneously both: the main flaws of the classical macroeconomic models, and the importance of considering behavioral economics when analyzing aggregate demand and aggregate supply.

scholarly journals THE BEHAVIORAL ECONOMICS: AN INFLUENCE OF PSYCHOLOGICAL FACTORS ON THE ECONOMIC GROWTH

2020 ◽  
Vol 3 (33) ◽  
pp. 85-92
Author(s):  
D.M. Vukolov ◽  
Keyword(s):  
Economic Growth ◽  
Behavioral Economics ◽  
Aggregate Demand ◽  
Personal Characteristics ◽  
Economic Agents ◽  
Irrational Behavior ◽  
Long Time ◽  
History Of ◽  
Behavioral Mechanisms ◽  
Historical Past

Psychology as a branch of science could not take its place in the world for a long time. This fact says about a huge omission of a horribly mass of the intelligence by a human. However psychology became more significant for people and the economy in general. Being a science that would not exist without a human, it is impossible to omit its influence in it. Therefore, the main goal of this work is to consider the influence of behavioral mechanisms on decision-making by economic agents and, as a result, on the economic growth. Openings within the frame of behavioral economics embraces both the present and the past, which are aimed at showing both the fundamental nature of this knowledge and their undisputable relevance. These factors together represent a brief history of the development of this branch of knowledge. Through the prism of the main achievements of scientists of different years in the sphere of behavioral economics, which are selected according the author's preference, the irrational behavior of consumers was analyzed. This behavior was clearly reflected in the examples, which showed simultaneously both: the main flaws of the classical macroeconomic models, and the importance of considering behavioral economics when analyzing aggregate demand and aggregate supply. Such examples were taken from foreign practice and the historical past of Russia. At the end of the analysis of the influence of behavioral factors on economic agents some conclusions occur. They were confirmed by the statistics or logical facts that flowed from the fundamental laws of macroeconomics. As a result, it was concluded that it is impossible to simply answer the question of about what the result the behavioral economy leads to (growth or decline). Because much depends on the degree of economic power of the economic agents, as well as it depends on many other factors (age of consumers, degree of education, personal characteristics of each consumer, market for analysis, state policy, mentality, etc.).

The Influence of Institutional Factors on Macroeconomic Dynamics (On the Example of the Russian Federation)

2021 ◽  
pp. 279-293
Author(s):  
Olga S. Demchenko ◽  
◽  
Yulia Yu. Suslova ◽  
Svetlana K. Demchenko ◽  
Sergey A. Zhironkin ◽  
...  
Keyword(s):  
Institutional Environment ◽  
Aggregate Demand ◽  
National Income ◽  
Economic Thought ◽  
Institutional Factors ◽  
Regression Equations ◽  
Institutional Factor ◽  
Macroeconomic Dynamics ◽  
Economic Agents ◽  
The Past

The article presents an original Keynesian-institutional approach to studying the macroeconomic dynamics of a transitional economy (on the example of Russia). The article proposes theoretical provisions related to the inclusion of an assessment of the institutional factor in the distribution of national income, as well as an authorial approach to modeling the relationship between institutions and aggregate demand based on the construction of linear regression equations, including changes in consumption, investment and institutional environment. Currently, economists have a desire to revise the mainstream and increase the requirements for the explanatory ability of macroeconomic models. The views widespread in economic theory are increasingly criticized due to the predominance of econometric analysis over qualitative interpretations, the unrealistic hypotheses of the rationality of economic agents’ behavior and the perfection of market mechanisms based on the assumption that it is possible to predict the future based on an analysis of the past. In order to solve the indicated problems, it is often proposed to use synthetic theories that combine the achievements of several schools of economic thought. One of these synthetic theories is Keynesian-institutional synthesis. The proposed approach is applied to assess the macroeconomic dynamics of the Russian economy, in which a decrease in consumption and investment volatility have been observed over the past five years, which is associated with macroeconomic stabilization and the development of social support institutions. However, the expectations of economic agents are rather unfavorable, and further measures are needed to stabilize aggregate demand. According to the analysis of official statistics, institutional factors significantly affect aggregate demand, but are not of priority. At the same time, the general conditions of the institutional environment have a stronger effect on investment than on consumption. On this basis, it has been concluded that the progress of institutions can not only accelerate economic growth, but also increase macroeconomic risks; therefore, it increases the responsibility of politicians for decisions in the field of economic regulation.

The Rise of Behavioral Economics: A Quantitative Assessment

2017 ◽  
Vol 41 (3) ◽  
pp. 555-583 ◽  
Author(s):  
Niels Geiger
Keyword(s):  
Behavioral Economics ◽  
Quantitative Assessment ◽  
Relative Importance ◽  
Main Research ◽  
Academic Literature ◽  
The Past ◽  
Short Summary ◽  
History Of ◽  
Research Goal

This article is devoted to the issue of operationalizing and empirically measuring the development of behavioral economics, focusing on trends in the academic literature. The main research goal is to provide a quantitative, bibliometric assessment to answer the question of whether the relative importance of behavioral economics has increased over the past decades. After an introduction and a short summary of the history of behavioral economics, several studies are laid out and evaluated. The results generally provide a quantitative confirmation of the story of a rise of behavioral economics that can be found in the literature, and add some notable additional insights.

scholarly journals Psychocapital and Shangri-Las: How happiness became both a means and end to governmentality

2013 ◽  
Vol 5 (1) ◽  
pp. 36-50 ◽  
Author(s):  
F. Mckay
Keyword(s):  
Economic Growth ◽  
Well Being ◽  
Subjective Well Being ◽  
The Past ◽  
Means And Ends ◽  
History Of ◽  
The Uk ◽  
Mental Well Being ◽  
Politics Of Happiness

In this paper a paradox is revealed in the politics of well-being over the means and ends of happiness. That paradox, in brief, is that although happiness is argued to be the ultimate end of all governmentality, in order to serve as that end, it first needs to be translated into a means for bolstering the economy, for only that way can a teleology of happiness gain a foothold in a world which prioritizes economic growth as an end in itself. To show this the paper gives a history of subjective well-being (SWB) research, and contrasts it with the politics of happiness in the UK, where SWB has in the past decade been translated into a discourse around the psychological wealth of the nation via the concepts of mental capital (MC) and mental well-being (MWB).

scholarly journals Productivity Growth and Machinery Investment: A Long-Run Look, 1870–1980

1992 ◽  
Vol 52 (2) ◽  
pp. 307-324 ◽  
Author(s):  
J. Bradford De Long
Keyword(s):  
Economic Growth ◽  
Productivity Growth ◽  
Rapid Growth ◽  
History Of Technology ◽  
High Rate ◽  
Past Century ◽  
The Past ◽  
Long Run ◽  
History Of ◽  
Good Proxy

Over the past century in six major economies, economic growth has been strongly associated with machinery investment, as is the case for a larger group of nations since 1950. Both macroeconomic patterns and narratives of the history of technology suggest that this association is causal—that a high rate of machinery investment appears to be a necessary prerequisite for rapid long-run growth—and points away from possibilities that rapid growth is the cause of high machinery investment or that a high rate of machinery investment is a good proxy for other factors that are important causes of growth.

From the Archaeology of Childhood to Modern Children Visiting Archaeological Museums

2018 ◽  
Author(s):  
Claudia Lambrugo
Keyword(s):  
Case Studies ◽  
General Public ◽  
Ancient History ◽  
Interesting Point ◽  
The Past ◽  
History Of Art ◽  
Long Time ◽  
History Of ◽  
Children And Childhood ◽  
The Relationship

This chapter addresses three interconnected topics, beginning with a short overview of the archaeology of children and childhood in Italy, explaining how and why the Italian contribution to the topic has been very recent. The chapter then moves on to explore the relationship between modern children, Italian scholars of ancient history of art and archaeology, and museums; it notes that for a very long time Italian universities and museums have not been interested in developing didactic archaeology at all, especially when the spectators were children, whether of pre-school or older age. Finally, returning to children in the past, two noteworthy case studies of the presentation of ancient children at exhibitions are illustrated as an interesting point of convergence between current archaeological studies in Italy on childhood in the ancient world, and the newly generated need to communicate to the general public the result of research works.

scholarly journals Miejsce i rola kobiety w rodzinie na przestrzeni wieków. Od Antyku po I wojnę światową. Zarys problematyki

2018 ◽  
pp. 33-41
Author(s):  
Rafał Kamprowski
Keyword(s):  
Twentieth Century ◽  
Time History ◽  
Women's Issues ◽  
The Past ◽  
The Status ◽  
Long Time ◽  
History Of ◽  
Role Of Women ◽  
The One

For a long time, history of women was not in the mainstream of interest. The interest for this topic was not shown untill the twentieth century. The aim of this paper is to present a long and difficult struggle to gain the status similar to the one women have nowadays. It is difficult to understand the present reality without going back to the past. The role of women is undergoing a lot of changes all the time. This subject is a huge field for research. The article attempts to give a summary of publications which deal with women’s issues.

scholarly journals Development of macroeconomic models based on behavioral economics: issues and further research

2021 ◽  
pp. 2-2
Author(s):  
М. Talavyrya ◽  
◽  
B. Dorosh ◽  
Keyword(s):  
Decision Making ◽  
Behavioral Economics ◽  
Basic Concept ◽  
Behavioral Models ◽  
Practical Application ◽  
Macroeconomic Models ◽  
The Past ◽  
Behavioral Macroeconomics ◽  
Key Issues ◽  
Central Bankers

The article analyzes the formation, spread and development of behavioral economics in microeconomic research, as well as its development in macroeconomic research over the past two decades. The key shortcomings of neoclassical macroeconomic models and their critique based on existing research and practical application by central bankers are highlighted. The key stages in the formation of behavioral macroeconomics, elements of which began to appear in the works of neoclassical macroeconomists, have been identified. The main arguments in favor of replacing neoclassical macroeconomic models with new behavioral macroeconomic models are presented, as well as key issues of behavioral macroeconomics and prospects for its further adoption as a basic concept for decision-making for governments. Key studies of behavioral economists on behavioral macroeconomic models, most of which are agents-based (microfoundations-based), have been identified and systematized. Based on the results of testing various behavioral models by world-renowned scientists, as well as our analysis, it is proposed to focus further macroeconomic research on behavioral models based on the activities of agents (microfoundations).

scholarly journals History of peritoneal dialysis in France

2019 ◽  
Vol 2 (3) ◽  
pp. 119-125
Author(s):  
Christian Verger ◽  
Jacques Chanliau
Keyword(s):  
Peritoneal Dialysis ◽  
Vascular Access ◽  
Free Choice ◽  
General Review ◽  
Objective Information ◽  
The Past ◽  
Long Time ◽  
History Of

In France the first peritoneal dialysis was performed in the mid-1940s. For a long time reserved for frail subjects in whom hemodialysis appeared more dangerous, it is considered nowadays as a technique equivalent to hemodialysis, provided its indications and contraindications are respected and associated with the respect of the patient’s free choice after objective information. In particular, there is now a consensus to recognize its interest in patients waiting for transplantation, usually in order to preserve vascular access. Over the past decades French teams have played their role nationally and internationally, very often in partnership with their European neighbors, to improve the results achieved and to improve the different modalities. Since the end of the 1980s, the evaluation of practices has been made possible thanks to the participation in a specialized peritoneal dialysis registry.This article is a general review, not exhaustive, of the role played by the main French teams who succeeded one another.  

scholarly journals ECONOMIC GROWTH MODEL FOR BOSNIA AND HERZEGOVINA IN THE PERIOD 2007-2017 - OPPORTUNITIES FOR FUTURE RISKS REDUCTION -

2019 ◽  
Vol 1 (18) ◽  
pp. 61
Author(s):  
Saša Stevanović
Keyword(s):  
Economic Growth ◽  
Nash Equilibrium ◽  
Gross Domestic Product ◽  
Bosnia And Herzegovina ◽  
Aggregate Demand ◽  
Economic Life ◽  
Domestic Product ◽  
Economic Agents ◽  
Productivity Function ◽  
Economic Growth Model

The theory of the system indicates that the metastable state (state of the system described as a state which is close to the equilibrium state) will go into equilibrium if we wait long enough. The behavior of a particular system in the future depends on historical events, current and future shocks. In the equilibrium, all participants in economic life - economic agents are satisfied with their position, and economists call this a state of Nash equilibrium. The problem that we will deal with is the question of whether the economy of Bosnia and Herzegovina is in equilibrium, how to measure equilibrium, how to achieve stability and the balance of the system. The research will focus on productivity function for BiH, the concept of a potential gross domestic product, deviations in the nominal gross domestic product from the potential. We will analyze aggregate demand with the aim to define the model of economic growth of Bosnia and Herzegovina. We believe this knowledge will provide a basis that we believe can serve to create instruments, measures and policies that are needed to reduce future risks - deviations in economic growth.

Sign in / Sign up

Export Citation Format

Share Document