Old behavioural economics and cognitive economics
Cognitive economics shares a lot of literature with old behavioural economics. Both recognize a great relevance to the contribution of Simon. Katona also shows similar approaches for cognitive economics, for the importance recognized in psychology, but also in terms of the context in which subjects operate.
In his words, a fruitful economic analysis “consist of the empirical investigations of the behaviour of businessmen and consumers in one country in one time. Generalization about economic behaviour emerges gradually by comparing behaviour observed under different circumstances” (Katona 1980: 3). The currents from the universities of Oxford and Stirling - whose contributions are considered fundamental to the birth of old behavioural economics - include topics that are central also in cognitive economics, such as uncertainty, knowledge, and interdisciplinarity. In particular, G.L.S. Shackle (Oxford) is also included in the tradition of cognitive economics (McCain 1992). B. Loasby (Stirling), another referent mentioned by Earl in the reconstruction of old behavioural economics, contributed in a meaningful way to the development of cognitive economics, in particular on knowledge, institutions, and evolution, often referring also to Hayek. Cognitive economics recognizes also some more ancient roots in A. Marshall, C. Menger, J.R. Commons, T. Veblen, F. Knight, R. Coase, J.M. Keynes, J.A. Schumpeter, W.B. Reddeway, K. Boulding, R.R. Nelson and S.G. Winter, and Shackle. An analogous history is recognized for old behavioural economics.