Please Wait! Your file will start to download within 10 seconds automatically. Otherwise click here Download

Socioeconomics for the 21st Century


Torben Larsen , Col Prof Dr. J Satpathy ,

Download Full PDF Pages: 01-15 | Views: 222 | Downloads: 77 | DOI: 10.5281/zenodo.7549897

Volume 11 - December 2022 (12)


A review-based neuroeconomic model of decision-making (NeM) identifies general risk-willingness as a parameter of economic behavior with crucial implications to more domains of Socioeconomics:
1. NeM orders the Big5 personalities into a simplified model for sensitivity training of managers. NeM elaborates on the Pilot-in-the-plane model of entrepreneurship, too.
2. Neuroeconomic trials show man is neither egoist or altruist but a hybrid with a cultural potential for development of democracy beyond classical fighting of wings towards collaboration across-the- center on issues of common interest (strong economic-political reciprocity). Such strong reciprocity is required towards global threats such as 1) CO2 Tariff towards global warming and 2) Universal Basic Income (UBI) for redistribution. A primary target group for promotion of such strong reciprocity is found in social liberal political movements as confirmed by a Field Study of Danish social liberals.
3. NeM explains too meditative in-depth-relaxation as effective towards epidemic job-related stress.
Discussion focuses on responses to this approach to Socioeconomics from other social scientists.


Neuroeconomics, Big5, Political Economy, stress-management, UBI, Simple Living.


Andersen K & Lorentzen M (2005). Geography of the Danish Creative Class – A Mapping and

Analysis Danish part of “Technology, Talent and Tolerance in European Cities: A comparison”. CBS.

Baddeley A (2010). Working Memory. Curr Biol 20(4): 136-40.

Becker GS (1993). Human Capital. A Theoretical and Empirical Analysis, with Special Reference to Education (3rd ed.). University of Chicago Press.

Becker A, Decker T, Dohmen T et al. (2012). The Relationship between Economic Preferences and

Psychological Personality Measures. Annu Rev Econ 4:453-78.

Benson, H., & Klipper, M. (1975). The Relaxation Response. W Morrow & Co.

Daw ND, O’Doherty JP et al. (2006). Cortical substrates for exploratory decisions. Nat; 441:876-79.

Descartes R (1641). Metaphysical Meditations. Routledge London New York 1993.

Dohmen T, Falk A et al. (20o5). Individual Risk Attitudes: Measure, Determinants and Behav. JEEA.

Florida R (2012). The Rise of the Creative Class-Revisited:10th Anniversary Edition. Basic Books.

Levy, D. J., & Glimcher, P. W. (2012). The root of all value: A neural common currency for choice. Curr Op. Neurosci, 22(6), 1027–1038.

Goldberg LR (1993). “The structure of phenotypic personality traits”. Am Psychol 48 (1): 26–34.

Gountas J, Corciari J (2010). Inside the Minds of Trendsetters. Aus Magazine Sci/Tech 14-17.

He W, Wong W (2021). Distribution of Creativity Scores: Domain-Specific Patterns in Divergent Thinking and Creative Problem Solving. Front Psych.

Herron RE, Hillis SE (2001). The Impact of the Transcendental Meditation Program on Government Payments to Physicians in Quebec: An Update. Am J Health Promotion.

Hare, T. A., Hakimi, S., & Rangel, A. (2014). Activity in dlPFC and its effective connectivity to vmPFC Are associated with temporal discounting. Frontiers in Neuroscience, 8(50), 1–15. PMID:24478622

Holen A (1976). The Psychology of Silence. Dyade Publishing.

Holt C, Laury S (2002). Risk Aversion and Incentive Effects. Am Econ Rev. 1644 -55.

IPCC AR6 2021:

Kahneman D, Tversky A (1979). Prospect theory: an analysis of decision under risk. Economet Soc.

Kahneman D (2011). Thinking, Fast and Slow. New York: Farrar, Straus & Giroux.

Kela and the Ministry of Social Affairs and Health. Press Release 2019.

Kern ML, McCarthy PX et al. (2019): Social media-predicted personality traits and values can help match people to their ideal jobs. PNAS.

Koechlin, E., & Hyafil, A. (2007). Anterior Prefrontal Function and the Limits of Human Decision-Making. Science, 318(5850), 594–598. doi:10.1126/science.1142995 PMID:17962551

Larsen T (2021a). Applied Doughnut Economics and Neuroeconomic Psychology for Business and Politics. IGI.

Larsen T (2021b). Pluralist Behavioral Economics (PBE) for Consumers, Firms, Gender, Health and Society. European Journal of Behavioral Sciences, 4(3), 14–31.

Larsen T (2022). Economic Psychology. Academia Letter 4873.

Laurie-Martinez D, Canessa N et al. (2005): Frontopolar Decision-making Efficiency: comparing effectiveness of experts with different educational backgrounds. Fr Hum Neur 7:1-10.

List J (2021). Introduction to the Behavioral Economics Guide. Behavioral Science Solutions Ltd.

Luhr (1997). The Simple Living Guide: A Sourcebook for Less Stress and More Joyful Living. Harm.

Maclean CA, Walton KG et al. (1997). Effects of the Transcendental Meditation program on adaptive mechanisms: Changes in hormone levels and responses to stress. Psychoneuroendocrin 22(4), 277–95.

Maddison A (2003): The World Economy: Historical Statistics. OECD: Data 1928-98.

Manzoni GM, Pagnini F et al. (2008). Relaxation training for anxiety: a ten-years systematic review with meta-analysis. BMC Psychiatry; 8:41.

Markus M, Yasami MT et al. (2012). DEPRESSION – A Global Public Health Concern. WHO.

Maslow A (1962). Towards a Psychology of Being. Van Nostrand.

McClure SM, Laibson DI, Loewenstein G, Cohen JD (2004). Delayed monetary rewards separate neural systems value immediate and delayed monetary rewards. Sci 306(5695): 503–07.

Nordhaus W (2018). Projections and Uncertainties about Climate Change in an Era of Minimal Climate Policies. American Economic Journal: Economic Policy 10(3): 333-60.

Oosterbeek H, Sloof R, van deKuilen G (2004). Cultural Differences in Ultimatum Game Experiments: Evidence from a Meta-Analysis. Experiment Econ 7:171-88.

Peck J (2005). Struggling with the creative class. Intern. J. pf Urban and Reg. Res. 29 (4): 740-770.

Piketty T (2014). Capital in the 21st Century. Harvard University Press.

Pigou G (1920): The Economics of Welfare. Cambridge.

Raworth K (2017). Doughnut Economics. Chelsea Publishing.

Sarasvathy S et al. (2001). Effectual Entrepreneurship. Routledge.

Simon H (1955).  "A Behavioral Model of Rational Choice". The Quarterly Journal of Economics.

Vedel A (2016): The Personality of Academic Majors. Am. Sci.

Wallace RK (1970). A Hypometabolic State of Wakefulness. State University of California.

Cite this Article: