Economist Ha-Joon Chang says there are political assumptions in any economic theory; what makes Neoclassical economics different is that its proponents will tell you that their analysis is objective, ...

For more than a century, neoclassical theory dominated economic thinking. Neoclassical economics is a theory based on three key assumptions: individuals have rational preferences; individuals maximize ...

Behavioral economics combines elements of economics and psychology to understand how and why people behave the way they do in the real world. It differs from neoclassical economics, which assumes that ...

Forbes contributors publish independent expert analyses and insights. I am a physician and behavioral scientist at Duke University. This article is more than 10 years old. In what academics call ...

Caroline Banton has 6+ years of experience as a writer of business and finance articles. She also writes biographies for Story Terrace. Michael Boyle is an experienced financial professional with more ...

Like many students in the Economics Department at The New School for Social Research, Ebba Boye and Ingrid Kvangraven want to widen the lens through which we examine economies. Their approach to ...

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Economist Ha-Joon Chang explains why the school of Neoclassical economics that rose in the 19th/early 20th century – now today’s dominant school of economics – decided they wanted to be scientists.