Toward a dual motive metaeconomic theory

Abstract

In light of recent findings in neuroscience and experimental economics research, as well as new understandings about Adam Smith and Darwin, the paper seeks a new synthesis in a “metaeconomic” theory that recognizes dual motives. The “meta” suggests the need to go beyond and transcend microeconomic theory while still retaining its main features. New findings suggest it is human nature to not only have the tendency to pursue self-interest but to also condition that pursuit with the sentiments, as Smith suggested. In modern terms, this means to condition the egoistic–hedonistic tendency with the empathetic–altruistic tendency. This also means individuals seek the survival of not only self but also the group, as Darwin understood it. Metaeconomics recognizes the inherent conflict in doing both simultaneously. The economic goal shifts to maximizing peace of mind both within and among individuals rather than maximizing one of the interests. Value emerges on a higher plane.