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ArticleOpen Access http://dx.doi.org/10.26855/ept.2025.12.007

A Personal Recollection of Behavioural Economics

Michael Jefferson

ESCP Europe Business School, 527 Finchley Road, London NW3 78G, UK.

*Corresponding author: Michael Jefferson

Published: December 29,2025

Abstract

The personal recollection here comes from over 65 years’ experience as a practicing economist in various organisations-industrial, commercial, consultancy and academia. The term behavioural economics has rarely featured, yet this is real world economics far more than the standard focus on neoclassical economics. Although there are some novel features in modern writings on what is currently termed behavioural economics, these features also have much in common with psychological economics. Psychological economics in turn has a history going back some 100 years. The history of behavioural economics itself can readily be traced back to Adam Smith, and then much earlier – here as far back as Aristotle. There have been long periods when human behaviour has been insufficiently considered among standard economists and energy analysts. More recently there have been well-founded suggestions that some of those considered to be leading lights in the field of behavioural economics have displayed limited knowledge “of the ‘old’ behavioural literature.”

Keywords

History of Behavioural Economics

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How to cite this paper

A Personal Recollection of Behavioural Economics

How to cite this paper: Michael Jefferson. (2025) A Personal Recollection of Behavioural Economics. Economic Perspectives and Trends2(2), 87-101.

DOI: http://dx.doi.org/10.26855/ept.2025.12.007