IDEAS home Printed from https://ideas.repec.org/a/spr/inecre/v58y2023i1d10.1007_s41775-023-00191-y.html
   My bibliography  Save this article

Economics with a biological foundation

Author

Listed:
  • Aldo Rustichini

    (University of Minnesota)

Abstract

We argue in three lectures that economics should develop on a foundation of biology. We first define what economics with biological foundation is, its position in the history of the discipline, and why this development is necessary for economics to remain a meaningful science. We then outline the three main directions of development for such new science of economics (neuroeconomics, genetics and personality theory), and illustrate research in these three fields.

Suggested Citation

  • Aldo Rustichini, 2023. "Economics with a biological foundation," Indian Economic Review, Springer, vol. 58(1), pages 1-40, June.
    • Handle: RePEc:spr:inecre:v:58:y:2023:i:1:d:10.1007_s41775-023-00191-y
    DOI: 10.1007/s41775-023-00191-y
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s41775-023-00191-y
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s41775-023-00191-y?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Robert Rowthorn, 2011. "A bioeconomic view of the transition to agriculture: a comment," Canadian Journal of Economics, Canadian Economics Association, vol. 44(3), pages 1044-1047, August.
    2. Aldo Rustichini & Katherine E. Conen & Xinying Cai & Camillo Padoa-Schioppa, 2017. "Optimal coding and neuronal adaptation in economic decisions," Nature Communications, Nature, vol. 8(1), pages 1-14, December.
    3. Arthur J. Robson, 2010. "A bioeconomic view of the Neolithic transition to agriculture," Canadian Journal of Economics, Canadian Economics Association, vol. 43(1), pages 280-300, February.
    4. Becker, Gary S & Tomes, Nigel, 1979. "An Equilibrium Theory of the Distribution of Income and Intergenerational Mobility," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1153-1189, December.
    5. Rowthorn, Robert & Seabright, Paul, 2010. "Property Rights, Warfare and the Neolithic Transition," IDEI Working Papers 654, Institut d'Économie Industrielle (IDEI), Toulouse.
    6. Jeremy J Berg & Graham Coop, 2014. "A Population Genetic Signal of Polygenic Adaptation," PLOS Genetics, Public Library of Science, vol. 10(8), pages 1-25, August.
    7. Robert Rowthorn, 2011. "A bioeconomic view of the transition to agriculture: a comment," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 44(3), pages 1044-1047, August.
    8. Eugenio Proto & Aldo Rustichini & Andis Sofianos, 2019. "Intelligence, Personality, and Gains from Cooperation in Repeated Interactions," Journal of Political Economy, University of Chicago Press, vol. 127(3), pages 1351-1390.
    9. Camillo Padoa-Schioppa & John A. Assad, 2006. "Neurons in the orbitofrontal cortex encode economic value," Nature, Nature, vol. 441(7090), pages 223-226, May.
    10. Eugenio Proto & Aldo Rustichini & Andis Sofianos, 2022. "Intelligence, Errors, and Cooperation in Repeated Interactions," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(5), pages 2723-2767.
    11. Camillo Padoa-Schioppa & Aldo Rustichini, 2014. "Rational Attention and Adaptive Coding: A Puzzle and a Solution," American Economic Review, American Economic Association, vol. 104(5), pages 507-513, May.
    12. Joseph C. McMurray, 2013. "Aggregating Information by Voting: The Wisdom of the Experts versus the Wisdom of the Masses," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 80(1), pages 277-312.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nurfatima Jandarova & Aldo Rustichini, 2024. "Selection and the Roy Model in the Neolithic Transition," Working Papers 27, Finnish Centre of Excellence in Tax Systems Research.
    2. Nunnari, Salvatore & Proto, Eugenio & Rustichini, Aldo, 2024. "Cognitive Abilities and the Demand for Bad Policy," CEPR Discussion Papers 19217, C.E.P.R. Discussion Papers.
    3. Katarzyna Jurewicz & Brianna J. Sleezer & Priyanka S. Mehta & Benjamin Y. Hayden & R. Becket Ebitz, 2024. "Irrational choices via a curvilinear representational geometry for value," Nature Communications, Nature, vol. 15(1), pages 1-15, December.
    4. Quamrul Ashraf & Stelios Michalopoulos, 2015. "Climatic Fluctuations and the Diffusion of Agriculture," The Review of Economics and Statistics, MIT Press, vol. 97(3), pages 589-609, July.
    5. Francisco Alvarez-Cuadrado & Ngo Van Long, 2012. "Envy and Inequality," Scandinavian Journal of Economics, Wiley Blackwell, vol. 114(3), pages 949-973, September.
    6. Elizabeth M. Caucutt & Lance Lochner & Youngmin Park, 2017. "Correlation, Consumption, Confusion, or Constraints: Why Do Poor Children Perform so Poorly?," Scandinavian Journal of Economics, Wiley Blackwell, vol. 119(1), pages 102-147, January.
    7. Eckstein, Zvi & Zilcha, Itzhak, 1994. "The effects of compulsory schooling on growth, income distribution and welfare," Journal of Public Economics, Elsevier, vol. 54(3), pages 339-359, July.
    8. Jørgen Modalsli & Kelly Vosters, 2024. "Spillover Bias in Multigenerational Income Regressions," Journal of Human Resources, University of Wisconsin Press, vol. 59(3), pages 743-776.
    9. Aldieri, Luigi & Fiorillo, Damiano, 2015. "Private monetary transfers and altruism: An empirical investigation on Italian families," Economic Analysis and Policy, Elsevier, vol. 46(C), pages 1-15.
    10. Carlos Urrutia & Marina Mendes Tavares, 2013. "Accounting for the Trends in Inequality and Intergenerational Mobility in the U.S," 2013 Meeting Papers 1256, Society for Economic Dynamics.
    11. Robert S. Gibbons & Manuel Grieder & Holger Herz & Christian Zehnder, 2019. "Building an Equilibrium: Rules Versus Principles in Relational Contracts," CESifo Working Paper Series 7871, CESifo.
    12. Mikael Lindahl & Mårten Palme & Sofia Sandgren-Massih & Anna Sjögren, 2014. "A Test of the Becker-Tomes Model of Human Capital Transmission Using Microdata on Four Generations," Journal of Human Capital, University of Chicago Press, vol. 8(1), pages 80-96.
    13. Adrian Adermon & Mikael Lindahl & Daniel Waldenström, 2018. "Intergenerational Wealth Mobility and the Role of Inheritance: Evidence from Multiple Generations," Economic Journal, Royal Economic Society, vol. 128(612), pages 482-513, July.
    14. Martti Kaila & Emily Nix & Krista Riukula, 2021. "Disparate Impacts of Job Loss by Parental Income and Implications for Intergenerational Mobility," Opportunity and Inclusive Growth Institute Working Papers 53, Federal Reserve Bank of Minneapolis.
    15. Julia Bredtmann & Nina Smith, 2018. "Inequalities in Educational Outcomes: How Important Is the Family?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 80(6), pages 1117-1144, December.
    16. Roland Fryer & Steven Levitt & John List & Anya Samek, 2020. "Introducing CogX: A New Preschool Education Program Combining Parent and Child Interventions," Framed Field Experiments 00718, The Field Experiments Website.
    17. Jayanta Sarkar & Dipanwita Sarkar, 2016. "Why Does Child Labor Persist With Declining Poverty?," Economic Inquiry, Western Economic Association International, vol. 54(1), pages 139-158, January.
    18. Chong Lu, 2022. "The effect of migration on rural residents’ intergenerational subjective social status mobility in China," Quality & Quantity: International Journal of Methodology, Springer, vol. 56(5), pages 3279-3308, October.
    19. Anders Hjorth-Trolle, 2018. "Beliefs, parental investments, and intergenerational persistence: A formal model," Rationality and Society, , vol. 30(1), pages 108-154, February.
    20. Balbus, Łukasz & Jaśkiewicz, Anna & Nowak, Andrzej S., 2016. "Non-paternalistic intergenerational altruism revisited," Journal of Mathematical Economics, Elsevier, vol. 63(C), pages 27-33.

    More about this item

    Keywords

    Neuroeconomics; Genetics and economics; Personality theory;
    All these keywords.

    JEL classification:

    • D9 - Microeconomics - - Micro-Based Behavioral Economics

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:inecre:v:58:y:2023:i:1:d:10.1007_s41775-023-00191-y. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.