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1、15.PSYCHOLOGYRETURNSTOECONOMICSIneighteenth-andnineteenth-centuryBritain,economicsandpsychologyweretwobranchesofthesamesubject:moralphilosophy.Asprofessorofmoralphilosophy,AdamSmithrangedwidelyoverfinanceandmattersofthemind.PriortowritingTheWealthofNationshepublishedanotherimportan
2、tbook,TheTheoryofMoralSentiments,inwhichhearguedthathumandecision-makingcanbedividedintotworealms,oneinvolvingtheemotions,suchasfear,anger,andlove,whichSmithreferredtoas“thepassions,”andtheotherinvolvingreason,“theimpartialspectator.”Muchofdailylifereflectsamentalstrugglebetweenthe
3、emotionaldesireforimmediatesatisfactionandthepracticalneedforlonger-termplanning,Smithsaid.“Therearesomesituationswhichbearsoharduponhumannaturethatthegreatestdegreeofself-government...isnotabletostifle,altogether,thevoiceofhumanweakness,orreducetheviolenceofthepassionstothatpitcho
4、fmoderation,inwhichtheimpartialspectatorcanentirelyenterintothem.”Theideaofthedividedselfgoesback,atleast,totheGreekphilosopherPlato.Aswellasexpoundingit,Smithidentifiedseveralothermentaltraitsthatlatereconomistsoverlooked,includinganinabilitytofocusonlong-termoutcomes;aconcernfort
5、hewell-beingofothers;atendencytooverrateone’sownabilities;andaninclinationtounderestimaterisks.Myopiawasabasicelementofthehumancondition,Smithbelieved.“Thepleasurewhichwearetoenjoytenyearshenceinterestsussolittleincomparisonwiththatwhichwemayenjoytoday...thattheonecouldneverbeanyba
6、lancetotheother,unlessitwassupportedbythesenseofpropriety,”hewroteinTheTheoryofMoralSentiments.TheWealthofNationsalsocontainsnumerousdiscussionsofhowpsychologyaffectstheeconomy.Inexploringthedeterminantsofwagesandprofits,Smithreferredtothe“overweeningconceitwhichthegreaterpartofmen
7、haveoftheirabilities,”adding,“Thechanceofgainisbyeverymanmoreorlessover-valued,andthechanceoflossisbymostmenundervalued.”Hecitedtheriseofstatelotteries,whichweresopopularinhistimethatticketswereresoldontheblackmarket.“Thevainhopeofgainingsomeofthegreatprizesisthesolecauseofthisdema
8、nd,”Smithwrote.“Thesoberes
