On Apr 9, 2007, PED Seminar Series Presents

Caveman Economics: How Charles Darwin will save Adam Smith

by Dr. Terence Burnham

There is a vigorous debate between two camps of economists about human nature. Neoclassical economists argue that people are rational whereas behavioral economists highlight the irrational. The two camps disagree sharply about human nature, but they both tend to agree on the irrelevance of biology. This work argues that there is an evolutionary and biological logic to behavior that holds great – and largely untapped – potential for economics. The biological perspective produces novel, testable hypotheses regarding economic behavior. The goal is an improved economics, firmly grounded in evolutionary theory and biological reality.

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