the entire history of behavioral economics

[@DelandaBaudLacanian]

Thank you, super informative and helpful video! Here are my timestamps: 1:02 - David Ricardo, John Stuart Mill, Adam Smith 1:20 - Adam Smith's "Wealth of Nations," "Theory of Moral Sentiments" (dual process theory around passions, similar to Kahneman's System1/System2) 2:20 - 1950s: Herbert Simon's bounded rationality 3:40 - 1960s: Daniel Kahneman (people with good information still make wrong decisions) and his student 3:52 Amos Tversky (people make irrational decisions with imperfect knowledge) 4:30 - halo effect - we overweight first impression and ignore red flags 5:40 - Kahneman and Thaler realized there may be a systematic problem with how people interpret statistics and many statistician fail to account for small sample sizes and appreciate large sample sizes 6:15 - Prospect Theory in 1979 lays groundwork for "loss aversion", "reference dependent pricing" 7:08 - 1980s: Richard Thaler's "mental accounting" focused on financial side of behavioral economics 8:07 - 1990s: Dan Arieli met Kahneman, 8:50 - Nick Chater, George Loewenstein, Graham Loomes and Robert Sugden's paper "Regret Theory", 9:40 'regret aversion", 10:10 - endowment effect 10:40 - Kahneman - markets won't come to optimal equilibrium because of concern with fairness in markets 11:14 - 2000s, Kahneman is first and only psychologist to win Nobel prize so far, 12:40 Thaler's "Nudge" 13:30 - Rory Sutherland advertising executive read "Nudge", found a systemic way of proving the things he observed with academic rigor / scientific method 15:00 - 2000s - UK government's Behavioural Insights Team / David Cameron's "nudge unit" / US government's Pension protection act 16:08 - 2010s: Kahneman's Thinking Fast and Slow 19:40 - 2020s: behavioral science teams being set up in banks and government instutitions, behavioral economics vs science, psychology, sociology, anthropology, evolutionary biology 22:40 - Read Angela Duckworth's "Grit", Katy Milkman's "How to Change", Wendy Wood's "Good Habits Bad Habits", also check out Laurie Santos, Lisa Feldman Barrett, Ganna Pogrebna

[@JonathanGarcia_el_filosofo]

Great summary thanks!

[@piotrlipinski6274]

Great video Pete! I have to say that your youtube channel has certainly done a great job at showing me that behavioral science is not just something I can read a book about, but a whole thriving field that I myself might be able to contribute to in the future! I’m currently a MSc student of research psychology in Belgium and especially considering how limited the opportunities for doing behavioral science here are, people like you have been incredibly helpful to me. All the best!

[@commanderwhitehead1224]

Austrian School economists have pioneered cognitive Economics and scholars like Gigerenzer and Kruglanski have shown that Kahneman‘s ideas are way too simplistic

[@sunnohh]

And Austrian economics is a religious belief and not a science

[@commanderwhitehead1224]

@@sunnohh like you ever read one scientific paper in your life

[@marv47]

​@@commanderwhitehead1224 elitist relgious belief*

[@Josh-nd3hr]

Great video for orientating yourself within the popular theories and research. Mostly commenting to say that your closing bit which acknowledged the skewed demographic of top researchers while being very positive about changes felt authentic and very well done.

[@intrapreneurshiplab]

I wanted to share here I highly appreciate your videos and the field of work you do. Thank you for sharing.

[@anjumalam8185]

I recently came across your channel. I admired your articulation. Great job.

[@bhaveshpatel9626]

What a great video demonstrating the evolution of economic theory over the decades. I majored in economics in 1990ish, and at the time it was definitely classical economics - reductionist with the models built on assumption that people would behave in a “rational” manner. I had always struggled with that assumption and felt it was flawed. However, I do think classical economics still holds a place to get a fundamental understanding of how macroeconomics and microeconomics work at a baseline. It makes sense to add the complexity of behavioral science on top of it to be more accurate. I believe decisions are made on a spectrum between logic / “rational” and emotion.

[@mallukittens177]

I have been following your contents for a while now. I loved all your videos. Hope you will come up with more contents. I would also like to know what specific studies in thinking fast and slow is out dated or failed replications ?

[@gretalaube91]

There's a beauty in you finding your passion in life!

[@googleyoutubechannel8554]

Does modern economics still cling to the idea that there is a coherant non-normative ideal of 'rationality', but that behaviorists have shown that behavior isn't 'rational', or has the field realized the notion of 'rational' is nonsensical at its core?

[@willsthings2623]

Saw you on the chase

[@bhaveshpatel9626]

Great work! The potential downside and worry of such good research and understanding is the risk of employing the findings into bhavooirs to manipulate people to behave differently than otherwise

[@SowFemme]

This was a great introduction to the overarching behavioral economics theories and how they evolved. I loved the graphics of the abstracts of the papers, too. My interest as a studying behavior analyst is piqued in this genre of behavioral economics. Looking forward to more of your content. ~PK

[@paulburbank8652]

When empirical reality conflicts with theory, there is falsification afoot. Safe and effective.

[@antonburdin9756]

I woul suggest adding John Maynard Keynes to this list. I would disagree with many of his paternalistic approaches however we can’t deny his contribution to the field of behavioral science for his explicit emphasis on the importance of psychological propensities of human behavior.

[@Knowledge_Seeker64]

Hi Pete, thanks for this informative vid! What book (or books) on behavioral science would you most recommend to a lay-reader from 2024? Or any open-access articles or websites? I’m looking for anything that agrees the most with up-to-date research that emphasizes either interpersonal or societal behavioral phenomena. Societal behavior is preferred, but the most important aspects to me are availability to lay people, rigor, and being up-to-date. Your expert opinion would be deeply appreciated!

[@rushipatel7786]

each concept ends abruptly.

[@santi.chein707]

Loved that you mentioned women at the end! But I think you forgot about Merle haha Btw, I am coming to Warwick to do my PhD in Behavioral Science! I am very excited and looking forward to bringing my grain of sand to the dunes of the field :)

[@skybluskyblueify]

I'm reading a book on what economists seemed to have missed or ignored called: Who Cooked Adam Smith's Dinner by Marcel. Have you heard of it? I just started reading it so if it is a worthless book I want to know or at least what to look out for.

[@corrinebresky4116]

Awesome vid! Love that you used a picture of Thaler with Selena Gomez lol #iconic

[@huypt7739]

No need for economic when there is central planning

[@jptre]

I've always fucked with you Pete !

[@BigMikeGuitar]

Contributions to relevant modern economic thought began thousands of years ago, per for example author Michael Hudson, with the history of debt, money, and the function of Jubilee. Any history emphasizing 19th century capitalist origins is reproducing the right-wing neoliberal establishment narrative. Per university and academia reinforcing liberal ideology and "individualist state of nature," both establishment behavioral science and behavioral economics fail to account for the biological determinism of human tribalism, and tribal instincts with authoritarian characteristics that are reproduced like an invisible human anatomy, where the closest equivalent are studies in "authoritarian personality."

[@yongmrchen]

Kahneman’s work has long been overrated insofar as it is treated as economics.

[@danielmacdougall2697]

you reference retirement funds as an example of behavioural science. australia mandated employer sponsored superannuation in the 1980's because WE KNEW that people are not very good at saving for their retirement. we just used data we had about old age pensions uptake to work that out. this is all a scam in my opinion. and is slowly unfolding as being lead by individuals engaging in misleading and deceptive conduct on a grand scale..