What is Metaeconomics?
Metaeconomics is a science and humanities grounded alternative to mainstream Microeconomics which models humans as having only self-interest. Microeconomics uses Single Interest Theory (SIT), as in only ego-based self-interest driving the person, modeled as an Econ. Metaeconomics --- instead of seeing only the Econ --- models the Human as dual-motivated: Driven by both ego-based self-interest and empathy-based shared other-interest, as represented in Dual Interest Theory (DIT). Metaeconomics sees the Human working to strike good balance in the self-interest and other (shared with the other)-interest.
Read the full Metaeconomics Overview:
https://www.metaeconomics.info/metaeconomics-an-overview
Read Metaeconomics in a Nutshell:
https://www.metaeconomics.info/metaeconomics-in-a-nutshell
What is Dual Interest Theory (DIT) in Metaeconomics?
Dual Interest Theory (DIT) represents the two tendencies in Human nature, one driven by the ego-based self-interest and one driven by the capacity for empathy-with the other, as in the other (shared)-interest. DIT also recognizes the key role of self-control in tamping down, tempering the more primal self-interest (the incentive) with the shared other-interest (the ethic).
Read more about the technical details of Dual Interest Theory (DIT) in Metaeconomics:
https://www.metaeconomics.info/what-is-dual-interest-theory
Read about how to get started using Dual Interest Theory (DIT) in Metaeconomics:
https://www.metaeconomics.info/post/teach-me-some-basic-economics-so-i-can-make-sense-of-the-blog
What Sciences Underly Dual Interest Theory in Metaeconomics?
Metaeconomics integrates empirical findings coming from mainstream microeconomics, institutional economics, economic psychology, social psychology, evolutionary biology, behavioral and neuroeconomics, neuroscience, and moral philosophy to explain why ethical balance is essential for stable, efficient, and humane economic systems.
Read more about the Integration of the Sciences and Humanities in Metaeconomics:
https://www.metaeconomics.info/evolutionary-biology
What is the Role of the Invisible Hand?
Rather than treating ethics (and the moral frame of each person working to form that ethic) as somehow coming through some "invisible hand" to moderate the market, Metaeconomics shows that empathy-based concern with and for others on the way to an ethic is coming from a variety of sources, not just the market. Religion is one source. The talk, talk, talk among people in all manner of human interaction --- not just religious talk --- is the source of the Community-wide, ultimately Nation-wide shared interest, as in We the People. The invisible hand construct is inadequate to the task of either understanding or evolving the moral and ethical content of that shared other-interest.
How Does Metaeconomics Relate to the Adam Smith Claim About Moral Sentiment Tempering the Pursuit of Wealth?
Duals Interest Theory formalizes ideas anticipated by Adam Smith, who emphasized the role of moral sentiments in tempering self-interest. Said moral sentiments --- the ethic --- give content to the shared other-interest. The self-interest responds to incentive. The other (shared) interest tempers it. As Adam Smith proposed, and empirical testing guided by DIT confirms, the ethic held in the other-interest must temper the incentive priming the self-interest. Economic efficiency in a truly wealthy nation needs a balance, as in self and other-interest, incentive and ethic. Adam Smith was the first Metaeconomist.
Who Developed Dual Interest Theory in Metaeconomics?
It was first proposed by Gary D. Lynne, Professor Emeritus, and has evolved over the past 3-decades with the help of many graduate students and other colleagues. It is not new news, as Adam Smith laid the groundwork 250+ years ago. The contribution is represented in the integration across the 200+ years of serious and systematic inquiry in the sciences and humanities as represented in Metaeconomics, and the fact that integration and empirical testing of it confirms the Adam Smith claims.
Read more about Gary D Lynne including the list of Published Articles, Book Chapters, and Books at:
https://www.metaeconomics.info/about
What Inspired Dual Interest Theory?
Metaeconomics addresses the empirical failures of single-interest models and provides a foundation for what Lynne calls “Good Capitalism” which is only possible if attention is paid to the shared interest, the ethic. An economy that aligns incentives with ethics, supports cooperation and trust, and promotes long-run social and economic well-being can be sustained. Focusing strictly on incentive --- the focus of Single Interest Theory (SIT) in Microeconomics --- assures economic inefficiency and a less wealthy Nation because it leaves out explicit consideration of the ethical (and moral) dimension. DIT brings the ethic back into the formal analytical structure of economics.
Read more about what inspired Dual Interest Theory in Metaeconomics at:
https://www.metaeconomics.info/inspiration
How Does Metaeconomics Relate to Humanomics?
The notion of Humanomics is that "an economics with the Human and their ethics left in" is needed, as stated by Deirdre McCloskey. Metaeconomics is such an economics with the Human in view, represented in a Dual Interest Theory at the core.
Read more about the relation between Metaeconomics and Humanomics at:
https://www.metaeconomics.info/profane-sacred-and-the-law