Speculation - Is Metaeconomics Really Something New?

( Last update: 11/08/03.  You are at the University of Nebraska - Lincoln, USA).

Dichotomy:

• No: Simply returning to Adam Smith's proposition that the wealth of a nation came from the JOINT PURSUIT of the self-interest and the we-interest. Jointly pursued private and (perceived) public interest. Enlightened self-interest.  Sentiments emerging in the operant station of the impartial spectator.
• Yes: Recognizes a tri-partite, three part individual: Three subselves. We as humans mediate across the "selfs" and rationally evolve into a distinct entity, bringing the conscience to bear while combining self-interest with commitment to the claims of others

Fusing the Dichotomy: Mixing something new, something old: Implies Something Unique if Not Completely New

• Adds a we-interest set of indifference curves to the standard microeconomic indifference curve diagram

• Recognizes a conscience in the consumer (and producer) while adding the conscience to standard economic reasoning (into the models and theory), and better reflects the complexity of real human experience

• Draws upon scientific understanding in economic psychology and economic sociology (especially socio-economics)

Is it really new?  Yes and No.  Much like in personality (psychology) theory, "Researchers await a new theorist who will assimilate the old theories and present an integrated theory incorporating previous concepts and propositions.  A cynical colleague of mine once said that such a task requires the services of someone in marketing because the ideas will not be new ones but merely old ones presented in new packaging (from Lester, D.  Theories of Personality.  Washington, D.C.: Taylor and Francis, 1995, p. 161)."  

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