Towards Behavioural Economics
Although the (cognitive) psychologist Daniel Kahneman was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, this does not mean that modern economics has turned into a special branch of cognitive psychology.
Economists still insist on starting with representations of overt choice behaviour (or preferences) rather than concepts that explain what brought these choices (or preferences) about. Although economics would gain in empirical content and validity by re-introducing the mind as an “order-imposing organ”, a move towards cognitive psychology is not the path neo-classical economics has taken. Neo-classical economists love the peace of doing a priori behavioural geometry in their armchair better than the trench war of gathering empirical evidence.