"The role of irrational behavior in the macroeconomy is not trivial and obvious to see. It requires the development of a new theory, which we only just have begun to provide in our book. In this book we strove to put together an array of evidence, some of it from psychology, some of it from economic research, that gave an overall picture that we think is in stark contrast to the usual paradigm.
It is a picture that stresses factors that are totally absent from conventional macroeconomic theorizing: that the economy is affected by variations in the level of trust, by storytelling and human interest, by perceptions of corruption or unfairness, by anger and optimism, by social epidemics causing changes in gut instincts and feelings. Those factors, we firmly believe, are ultimate causes of the boom we saw a few years ago, and the bust we are seeing now".
Seem like a worthy book to read. And a call to arms for behavioral macroeconomist.
Update: more book reviews on origin of financial crisis (click here)
3 comments:
Benarlah ada beberapa faktor lain (selain memaksimalkan profit berupa materi) yg mendorong sebagian orang melakukan sesuatu.
Para ekonom kolot selalu berasumsi bahwa faktor2 yg disebutkan itu tak ada. Seolah2 manusia itu robot yg tak punya perasaan , rasa altruisme , tak ada pengarúh budaya etc. Lagipula , ada faktor informasi asimetrik yg langsung atau tak langsung merupakan faktor yg menintervensi pasar, yg umumnya memberikan kaum bisnis keuntungan.
Yup..itulah daya tarik behavioral economics yang memberikan ruang bagi emosi dan ikatan sosial dalam analisa ekonomi.
Di banyak universitas ternama dunia sudah masuk sebagai mata kuliah tersendiri bahkan di program S1. Semoga indonesia cepat menyusul.
salam kenal
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