It can be argued that the main thinking in transport planning and policy making stem from neoclassical economics in which individuals are largely assumed to make rational, consistent, and efficient choices, and apply cognitive processes of decision making that maximise their economic utility. Research in behavioural sciences indicates that individuals’ choices in a wide range of contexts deviat...

In the last years, a number of contributions has argued that monetary – and, more generally, economic – policy is finally becoming more of a science. According to these authors, policy rules implemented by central banks are nowadays well supported by a theoretical framework (the New Neoclassical Synthesis) upon which a general consensus has emerged in the economic profession. In other words, sc...

There has been much discussion over many years of the alleged gap between management accounting theory and practice. Whereas researchers sympathetic to neoclassical economics have sought to rationalise the gap in terms of information economics and have proposed constrained optimisation as the norm, Scapens [Scapens, R.W., 1994. Never mind the gap: towards an institutional perspective of managem...

Neoclassical and behavioral economics disagree over the manner in which people make risky decisions. assumes that good, consistent Behavioral argues are inconsistent decisions involving risks. Biology suggests that, ancestral settings, were under selection to behave “as if” they maximizing, a with neoclassical economic model – but maximizing different feature. In evolutionarily novel settings s...

The construct of path dependence has been introduced to challenge neoclassical economics (David, 1985). By referring to the history of economic processes Paul David explained, that unintended consequences of action can lead to a lock-in which is potentially inefficient. The cause behind these processes leading to inefficiency Paul David named the mechanism of increasing returns. As examples tec...