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Why lay social representations of the economy should count in economics

Content Provider	Springer Nature Link
Author	Darriet, Elisa Bourgeois Gironde, Sacha
Copyright Year	2015
Abstract	We consider the potentially major role of lay economic representations in economic theoretical modelling. Departing both from the rational expectation hypothesis, that supposes a maximal cognitive fit between agents’ representations and the variables in the model , and from an approach in terms of psychological biases that would externally affect agents’representation of their environment, we consider that lay representations have essential features that make them potentially valuable tools for the reconciliation of normative and practical perspectives in macroeconomics. By reviewing a series of studies in the sub-field of the psychology of lay economics, we first emphasize the collective and pragmatically-oriented features of these lay economic representations. We thereby uncover the major role of language and meaning, seemingly non-economic human institutions, in laying down the basis for economic understanding. Secondly, we directly address the question of the internal logic and cognitive features of these representations and uncover/in uncovering typical circular causal reasoning in lay macroeconomics. We finally re-assess the question of the maximal fit between ordinary economic psychology and predictive economic modelling.
Starting Page	245
Ending Page	258
Page Count	14
File Format	PDF
ISSN	15937879
Journal	Mind & Society
Volume Number	14
Issue Number	2
e-ISSN	18601839
Language	English
Publisher	Springer Berlin Heidelberg
Publisher Date	2015-08-06
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Lay cognition Folk economics Economic modelling Rational expectations Bounded rationality Economics Methodology of the Social Sciences Sociology Philosophy of Science Cognitive Psychology
Content Type	Text
Resource Type	Article
Subject	Philosophy Sociology and Political Science Experimental and Cognitive Psychology History Economics, Econometrics and Finance Social Psychology Cultural Studies

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