Economic complexities and cognitive hurdles: Accounting for specific economic misconceptions without an ultimate cause

David Leiser; Yhonatan Shemesh

doi:10.1017/S0140525X18000420

Economic complexities and cognitive hurdles: Accounting for specific economic misconceptions without an ultimate cause

David Leiser
, Yhonatan Shemesh

Department of Psychology

Research output: Contribution to journal › Comment/debate

1 Scopus citations

Abstract

Do folk-economic beliefs have an ultimate cause? We argue that, in many cases, the answer is negative. Cognition is constrained in both scope (via long-term memory [LTM]) and depth (via working memory [WM]). Consequently, laypeople are challenged by concepts essential for understanding complex systems, economics included: aggregation, indirect causation, and equilibrium. We discuss several economic misconceptions arising from this acute mismatch.

Original language	English
Pages (from-to)	e176
Journal	The Behavioral and brain sciences
Volume	41
DOIs	https://doi.org/10.1017/S0140525X18000420
State	Published - 1 Jan 2018

ASJC Scopus subject areas

Neuropsychology and Physiological Psychology
Physiology
Behavioral Neuroscience

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10.1017/S0140525X18000420

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title = "Economic complexities and cognitive hurdles: Accounting for specific economic misconceptions without an ultimate cause",

abstract = "Do folk-economic beliefs have an ultimate cause? We argue that, in many cases, the answer is negative. Cognition is constrained in both scope (via long-term memory [LTM]) and depth (via working memory [WM]). Consequently, laypeople are challenged by concepts essential for understanding complex systems, economics included: aggregation, indirect causation, and equilibrium. We discuss several economic misconceptions arising from this acute mismatch.",

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N2 - Do folk-economic beliefs have an ultimate cause? We argue that, in many cases, the answer is negative. Cognition is constrained in both scope (via long-term memory [LTM]) and depth (via working memory [WM]). Consequently, laypeople are challenged by concepts essential for understanding complex systems, economics included: aggregation, indirect causation, and equilibrium. We discuss several economic misconceptions arising from this acute mismatch.

AB - Do folk-economic beliefs have an ultimate cause? We argue that, in many cases, the answer is negative. Cognition is constrained in both scope (via long-term memory [LTM]) and depth (via working memory [WM]). Consequently, laypeople are challenged by concepts essential for understanding complex systems, economics included: aggregation, indirect causation, and equilibrium. We discuss several economic misconceptions arising from this acute mismatch.

UR - https://www.scopus.com/pages/publications/85065771547

U2 - 10.1017/S0140525X18000420

DO - 10.1017/S0140525X18000420

M3 - Comment/debate

AN - SCOPUS:85065771547

SN - 0140-525X

VL - 41

SP - e176

JO - The Behavioral and brain sciences

JF - The Behavioral and brain sciences

ER -

Economic complexities and cognitive hurdles: Accounting for specific economic misconceptions without an ultimate cause

Abstract

ASJC Scopus subject areas

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