Two beginnings
Abstract
Behavioral economics is thought to have began with Kahneman and Tverskty’s revolutionary articles in the 1970s. It is the main contention of this book that behavioral economics began in the 1940s with George Katona, Harvey Leibenstein, and Herbert Simon, three economists who will be referred to as the “Big 3.” This chapter presents this as the two beginnings of behavioral economics. The metaphor is that of a door. The Big 3 plus others built a door and put a sign on it, “Behavioral Economics, Enter Here.” Kahneman and Tversky, Thaler and others opened the door. Others walked through the door, including Rabin, Laibson, Chetty and others. The chapter also talks about what is behavioral economics, and the role of ...
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