Economic psychology for laymen

Abstract

Neuroeconomics can now replace the Paradigm of Bounded Rationality (BR) by a rooting in positivist economic psychology. The key finding is that the neuroeconomic Model of Decision-Making (NeM), based on neuroeconomic trials, suspends subjectivism, identifying risk-willingness as a basal parameter of economic behavior. Further, NeM and behavioral psychology (Big5 Taxonomy) integrates correlation studies into an Economic Psychology that simplifies Sensi-training in the Big5 to persons without specialism in Psychology. Finally, this Economic Psychology implicates a new interdisciplinary outlook on three domains of Economics: Evidence of the Florida Thesis on the Rise of the Creative Class as a qualitative growth effect A positivist framework for modern stress-management by classical meditative in-depth relaxation Recognition of prejudices as a special problem of behavioral science due to the interaction of subject and object Discussion focuses on the significance to economic growth theory to abandon BR. The conclusion is, that the simple model of accounting real growth in GDP, must be replaced by a tripartite model already termed 3P in management research (Planet, Personnel and Profit) including negative growth factors, too. The 3P has a common outcome in Quality-Adjusted Life Years (QALY) which at the global level has a negative aggregated value in the 21 Century. So, political measures to counterbalance, for instance the damage to the climate, are discussed concluding an urgent need for a global CO2 Tariff (ET).