The Park Place Economist

Article Title

Exploring the Boundaries


James Davenport


Dr. Postlewaite's presentation focused on the argument that preferences over goods and services that are typically taken as given and exogenous in most economic models are social constructions that are endogenous in more primitive models. Early economists were interested in human behavior and one hundred years ago the division began among economics and sociology in terms of the questions asked and problems answered. Sociological concerns and psychological components are essential in explaining economic behavior and must be incorporated in economic models.