3 Review(s)

My Perspective on Social Psychology's Role in Social Development through Behavioral Economics John Lok, in my work "Learning Social Behavioral Economic Psychology," explores how social psychology can contribute to social development by offering a more nuanced understanding of human decision-making within economic contexts. My view posits that traditional economic theory, which often assumes individuals are perfectly rational and self-interested, falls short in explaining real-world economic phenomena . Instead, my view emphasizes the growing acceptance among economists that behavioral economic theory, which integrates insights from psychology, provides a more reasonable framework for understanding societal development . Lok's perspective highlights that human behavior significantly influences economic development or recession [3]. Economics fundamentally studies how societies allocate scarce resources to meet unlimited wants and needs, and human behavior is central to these resource allocation decisions [3]. Social psychology, by examining how individuals think, feel, and behave in social situations, offers critical insights into the cognitive biases, heuristics, and social influences that shape economic choices