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The Economics of Psychology

In: The Political Economy of Human Behaviour and Economic Development

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  • Sangaralingam Ramesh

    (University of Oxford)

Abstract

In the previous chapter, the transition from a unilateral to a multilateral development philosophy was evaluated. This transition involved a shift in the strategy of economic policy moving away from the notion that economic prosperity would be available for all in the long term by pursuing the economic objective of maximising GDP or economic growth. However, this, accompanied with the emergence and dominance of globalisation over the last 40 years, has resulted in increasing the income disparities amongst people within countries as well as between countries. Wealth and income as become concentrated in the hands of the few while the many remain poor. This outcome as led to a growing belief that maximising GDP or economic growth is only one aspect of a multidimensional economic policy. The other aspects of economic policy should emphasise the development and enhancement of human well-being. These kinds of policies should begin even before a child is born, resulting in an adult who is cognitively developed as well as being both resilient and adaptable.

Suggested Citation

  • Sangaralingam Ramesh, 2022. "The Economics of Psychology," Springer Books, in: The Political Economy of Human Behaviour and Economic Development, chapter 0, pages 87-142, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-12666-6_3
    DOI: 10.1007/978-3-031-12666-6_3
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