New Thinking in Economics from Neoclassical Theory to Behavioral Economics and Happiness Research

27^ Rede von Bundeskanzlerin Merkel bei der 5. Lindauer Tagung der Wirtschaftswissenschaften, 20.8.2014.

28^ Daniel Kahneman, Thinking, fast and slow, London/ New York 2011, p. 81.

29^ Joachim Weimann, Verhaltensökonomik und Politikberatung, in: Martin Held, Gisela Kubon-Gilke, Richard Sturn (Ed.): Reformen und ihre politisch-ökonomischen Fallstricke, Marburg 2015, p. 116.

30^ "Die Abkehr vom Rationalmodell hätte schwerwiegende Folgen. Wenn nicht mehr angenommen werden kann, dass Akteure optimieren, dann verbietet sich der Einsatz des mathematischen Instrumentariums, das in der Mikrotheorie seit über achtzig Jahren gebräuchlich ist." Joachim Weimann, Verhaltensökonomik und Politikberatung, in: Martin Held, Gisela Kubon-Gilke, Richard Sturn (Ed.): Reformen und ihre politisch-ökonomischen Fallstricke, Marburg 2015, p. 116.

31^ See also: Jürgen Kromphardt, Der jüngste Methodenstreit: Alter Streit mit neuem Akzenten, Heinz D. Kurz (Ed.), Studien zur Entwicklung der ökonomischen Theorie, Berlin 2014, p. 11-33.

32^ Ashraf, N. Camerer, George Loewenstein, Adam Smith, Behavioral Economist, Journal of Economic Perspectives, Vol. 19, Nr. 3, Summer 2005, S. 142; H. Gintis, Samuel Bowles, Robert Boyd, Ernst Fehr (ed.), Moral Sentiments and Material Interests: The Foundation of Cooperation in Economic Life, Cambridge 2005, p. 3.

33^ Daniel Kahneman, Thinking, fast and slow, London/ New York 2011; Richard H. Thaler, The Making of Behavioral Economics, New York 2015; Max H. Bazerman, Don A. Moore, Judgment in Managerial Decision Making, Eighth Edition, Hoboken (USA) 2013; Francesca Gino, Sidetracked, Boston 2013; Karlheinz Ruckriegel, Abschied von der Neoklassik (Standard Economic Model), Sonderdruck Schriftenreihe der Technischen Hochschule Nürnberg Georg Simon Ohm Nr. 59, Nürnberg February 2015; Karlheinz Ruckriegel, Bundesverfassungsgericht versus EZB/Eurosystem - zur Frage der Effizienz von Finanzmärkten, Schriftenreihe der Technischen Hochschule Nürnberg Georg Simon Ohm Nr. 56, Nürnberg March 2014.

34^ Quoted from Richard H. Thaler, The Making of Behavioral Economics, New York 2015, preface xi.

35^ For more about the "dual action system" see for example Daniel Kahneman, Thinking fast and slow, London/ New York 2011; Daniel Goleman, The Hidden Drivers of Excellence, New York 2013, Karlheinz Ruckriegel, Günter Niklewski, Andreas Haupt, Gesundes Führen mit Erkenntnissen der Glücksforschung, Freiburg 2014.

36^ See for example Frans De Waal, The Bonobo and the Atheist. In Search of Humanism Among the Primates, New York/ London 2013; Martin Nowak, Roger Highfield, SuperCooperators, Altruism, Evolution, and Why We Need Each Other to Succeed, New York 2011; Tania Singer, Matthieu Ricard, Mitgefühl in der Wirtschaft - Ein bahnbrechender Forschungsbericht, München 2015; Edward O. Wilson, The Social Conquest of Earth, New York 2012.

37^ See for example David G. Myers Psychology, 8. Edition, New York 2007, p. 542f.

38^ Nick Powdthavee, The Happiness Equation - The Surprising Economics of Our Most Valuable Asset, London 2010, p. 101.

39^ Richard Thaler, Cass Sunstein, Nudge – Improving Decisions About Health, Wealth, and Happiness, New Haven u.a. 2008, p. 9.

40^ Deutsche Bundesbank, Investor behaviour in theory and practice, Monthly Report, January 2011, p. 53.

41^ See for bubbles in history Niall Ferguson,The Ascent of Money: A Financial History of the World, New York 2008, especially the chapter about "creating bubbles".

42^ George A. Akerlof, Robert J. Shilller, Animal Spirits, How Human Psychology drives the Economy and why it matters for Global Capitalism, Princeton 2009, preface ix, p. 131.

43^ N. Gregory Mankiw/ Mark P. Taylor, Economics, Special Edition with coverage of the world financial crisis, Andover (UK) 2010, p. 822, 828.

44^ See for example Karlheinz Ruckriegel, Bundesverfassungsgericht versus EZB/Eurosystem - zur Frage der Effizienz von Finanzmärkten, Schriftenreihe der Technischen Hochschule Nürnberg Georg Simon Ohm Nr. 56, Nürnberg March 2014 and Egon Görgens, Karlheinz Ruckriegel, Franz Seitz, Europäische Geldpolitik, 6. Edition, Konstanz/ München 2013.

45^ Mario Draghi, Building Stability and Sustained Prosperity in Europe, Speech given at the event entitled “The Future of Europe in the Global Economy” hosted by the City of London Corporation, London, 23 May 2013.

46^ Deutsche Bundesbank, Investor behaviour in theory and practice, Monthly Report, January 2011, p. 49.

47^ Max H. Bazerman, Don A. Moore, Judgment in Managerial Decision Making, Eighth Edition, Hoboken (USA) 2013; Harvard Business Review, How to make better decisions - How to outsmart your biases and broaden your thinking (topic), Mai 2015; Roderick M. Kramer, Ann E. Tenbrunsel, Max H. Bazerman, Social Dilemmas, Social Values and Ethical Judgments, New York 2010; Karlheinz Ruckriegel, Günter Niklewski, Andreas Haupt, Gesundes Führen mit Erkenntnissen der Glücksforschung, Freiburg 2014.

48^ Books about "Managerial Economics" aren`t really helpful because they stick to the SEM too. In most of them "Behaviroal Economics" cannot even found in the index. See for example Dominik Salvatore, Managerial Economics - Principles and worldwide applications, International Eighth Edition, Oxford/ New York 2015.

49^ See especially Frank Schirrmacher, Ego - Das Spiel des Lebens, München 2013.

50^ Karlheinz Ruckriegel, Zur Verwendung von "Subjektiven Indikatoren" (Erkenntnissen der interdisziplinären Glücksforschung) in der (Wirtschafts-) Politik - eine grundsätzliche Kritik am Sachverständigenrat Wirtschaft (SVR), Sonderdruck Schriftenreihe der Technischen Hochschule Nürnberg Georg Simon Ohm Nr. 58, Nürnberg January 2015; Karlheinz Ruckriegel, Glücksforschung: Erkenntnisse und Konsequenzen, in: IZZP - Internationale Zeitschrift  für Philosophie und Psychosomatik, Ausgabe  1/2015 -  Themenschwerpunkt: Glück und Leid, June 2015; Karlheinz Ruckriegel, Happiness Research: Insights and Consequences, Lecture at the University of Teheran, Department for Social Sciences, 23.6.2015 in Teheran/Iran (Abstract), (www.ruckriegel.org - Glücksforschung / Happiness research (Statement)).

51^ Quoted from: David G. Myers, Psychology, 8. Edition, New York 2007, p. 537.

52^ "Traditionally, when economists talk about happiness or satisfaction, they use a technical term, "utility"" Ben Bernanke, The Economics of Happiness, Speech given at the University of South Carolina, 8. May 2010, Footnote 1; See also Bruno S. Frey, Claudia Frey Marti, Glück - Die Sicht der Ökonomie, Zürich/Chur 2010, p. 26.

53^ Quoted from Legatum Institute, Wellbeing and Policy - Report 2014 by Gus O`Donnell (Chair), Angus Deaton, Martine Durand, David Halpern, Richard Layard, London 2014, p. 14.

54^ David G. Myers, Psychology, 8th Edition, New York 2007, p. 539.

55^ See for example David G. Myers, Psychology, 8th Edition, New York 2007, p. 538.

56^ See for example James J. Gross (Ed.), Handbook of Emotion Regulation, Second Edition, New York/ London 2014.

57^ Shawn Achor, The Happiness Advantage, New York 2010, p. 43f..

58^ For more information about the positive effects of positive emotions and the 3:1 ratio see Barbara L. Fredrickson, Positivity - Groundbreaking Research Reveals How to Embrace the Hidden Strength of Positive Emotions, Overcome Negativity, and Thrive, New York 2009.

59^ "Tim Kasser concludes from their studies that those who instead (of seeking money to prove themselves, gain power or show off rather than support their families, KR) strive for "intimacy, personal growth, and contributions to the community" experience a higher quality of life." David G. Myers, Psychology, 8. Edition, New York 2007, p. 541.

60^ For more information about how to change one`s attitude see Sonja Lyubomirsky, The How of Happiness – A New Approach to Getting Life You Want, New York 2007; Tobias Esch, Sonjy Maren Esch, Stressbewältigung - Mind-Body-Medizin, Achtsamkeit, Selbstfürsorge, Berlin 2016; Karlheinz Ruckriegel, Happiness Research: Insights and Consequences, Lecture at the University of Teheran, Department for Social Sciences, 23.6.2015 in Teheran/Iran (Abstract), (www.ruckriegel.org - Glücksforschung / Happiness research (Statement)); Karlheinz Ruckriegel, Glücksforschung: Erkenntnisse und Konsequenzen, in: IZZP - Internationale Zeitschrift  für Philosophie und Psychosomatik, Ausgabe  1/2015 -  Themenschwerpunkt: Glück und Leid, June 2015; The Mayo Clinic Handbook for Happiness, Boston 2015;

61^ See especially Heinrich Bedford-Strohm, Glück und Glaube - Die Ratschläge eines Glücksforschers im Lichte der Bibel, Sonntagsblatt 3.2.2013; Heinrich Bedford-Strohm is Bischop of the Protestant Church (Evangelisch-Lutherische Kirche) in Bavaria and the Chairman of the Council of Protestant Churches in Germany.

62^ Deutsche Post Glücksatlas 2012, p. 62-72; Dennis J. Snower, Währung Vertrauen, Handelsblatt 30.11.2015, p. 48.

63^ Andrew E. Clark, Was nützt uns Glück, Deutsche Post Glücksatlas 2015, München 2015, p. 23.

64^ Daron Acemoglu, James Robinson, Warum Nationen scheitern - die Ursprünge von Macht, Wohlstand und Armut, Frankfurt 2013, p. 69, 85f.

65^ Robert Biswas-Diener, Ben Dean, Positive Psychology Coaching, Hoboken (USA) 2007, p. 31, p. 41.

66^ Shawn Achor, The Happiness Advantage, New York 2010, book cover, p. 43f and p. 61.

67^ Derek Bok, The Politics of Happiness - what Government can learn from the new Research on Well-Being, Princeton 2010, p. 63.

68^ Ben Bernanke, The Economics of Happiness, Speech given at the University of South Carolina, 8. May 2010.

69^ David G. Myers, Psychology, 8. Edition, New York 2007, p. 542.

70^ See for example David G. Myers, Psychology, 8. Edition, New York 2007, p. 542f.; see also Ed Diener, Robert Biswas-Diener, Happiness - Unlocking the Mysteries of Psychological Wealth, Malden (USA) 2008, p. 91-111.

71^ Harvard Business Review, The Value of Happiness – How Employee Well-Being Drives Profits (topic), January-February 2012; Karlheinz Ruckriegel, Günter Niklewski, Andreas Haupt, Gesundes Führen mit Erkenntnissen der Glücksforschung, Freiburg 2014.

72^ See Shance J. Lopez, C.R. Snyder, Oxford Handbook of Positive Psychology, Second Edition, Oxford/ New York 2009; P. Alex Linlex, Susan Harrington, Nicola Garcea, Oxford Handbook of Positive Psychology and Work, Oxford/ New York 2010.

73^ See for example Kim S. Cameron, Gretchen M. Spreitzer, The Oxford Handbook of Positive Organizational Scholarship, Oxford/ New York 2012; Gretchen Spreitzer, Christiane Porath, Creating Sustainable Performance, Harvard Business Review, The Value of Happiness – How Employee Well-Being Drives Profits (topic), January-February 2012, p. 93-99.

74^ See for example Jason A. Colquitt, Jeffery A. Lepine, Michael J. Wesson, Organizational Behavior - Improving Performance and Commitment in the Workplace, New York 2013.

75^ For more information about what should be done in companies order to improve happiness at work see also Deutsche Post Glücksatlas 2015, München 2015, p. 58-129.

76^ See for example Kerstin Bund, Glück schlägt Geld - Generation Y: Was wir wirklich wollen, Hamburg 2014; Klaus Hurrelmann, Erik Albrecht, Die heimlichen Revolutionäre - Wie die Generation Y unsere Welt verändert, Weinheim/Basel 2014.

77^ OECD, OECD Guidelines on Measuring Subjective Well-being, Paris 2013, preface.

78^ OECD, How`s Life? Measuring Well-Being, Paris 2011, p. 277.

79^ Karlheinz Ruckriegel, Happiness Research (Glücksforschung) - eine Abkehr vom Materialismus, Sonderdruck Schriftenreihe der Technischen Hochschule Nürnberg Georg Simon Ohm Nr.38, Nürnberg May 2007.

80^ N. Gregory Mankiw/ Mark P. Taylor, Economics, Third Edition 2014, p. 449.

81^ Karlheinz Ruckriegel, Happiness Research (Glücksforschung) - eine Abkehr vom Materialismus, Nürnberg May 2007.

82^See for example David G. Myers, Psychology, 8th Edition, New York 2007, p. 539-541.

83^See also Joseph Stiglitz, The Great Divide: Unequal Societies and What We Can Do About Them, New York 2015; Joseph Stiglitz, Rewriting the Rules of the American Economy: An Agenda for Growth and Shared Prosperity, New York 2015; Richard Wilkinson, Kate Pickett, The Spirit Level, Why More Equal Societies Almost Always Do Better, London 2009.