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Crossing the Valley of Death Between Academic Research and Effective Policy: The Role of Behavioral Economics

In: Constructing a More Scientific Economics

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  • Shlomo Maital

    (Samuel Neaman Institute for National Policy Research)

Abstract

The impact of carbon dioxide generated by fossil fuels on global warming has been known for 164 years, and the mean annual temperature of the Earth has been rising at least since 1880. Why then has the academic community been unable to translate its consensus on the climate crisis into effective immediate political action? Why have political systems nearly everywhere been unable to cross the Valley of Death between scientific evidence and effective public policy regarding greenhouse gases, climate change, and other social issues? Specifically, why have economists proven so ineffective in this domain? I argue that this is related to the rejection of the behavioral approach of Marshall in favor of the sterile mathematics of Walras. Behavioral economics can be a magic bullet.

Suggested Citation

  • Shlomo Maital, 2022. "Crossing the Valley of Death Between Academic Research and Effective Policy: The Role of Behavioral Economics," Palgrave Advances in Behavioral Economics, in: Morris Altman (ed.), Constructing a More Scientific Economics, chapter 0, pages 283-295, Palgrave Macmillan.
    • Handle: RePEc:pal:paichp:978-3-030-83928-4_13
    DOI: 10.1007/978-3-030-83928-4_13
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