Before There Was Modern Behavioral Economics, There Was Plato…

“Almost 2,500 years before the current vogue for behavioural economics, Plato was identifying and seeking to understand the predictable irrationalities of the human mind. He did not verify them with the techniques of modern experimental psychology, but many of his insights are remarkably similar to the descriptions of the cognitive biases found by Kahneman and Tversky. Seminal papers in behavioural economics are highly cited everywhere from business and medical schools to the social sciences and the corporate world. But the earlier explorations of the same phenomenon by Greek philosophy are rarely appreciated.”