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Economics is the science of human action. Psychology is the study of the human mind. Psychology tells me why I prefer the a quiet nap to mowing a lawn that needs mowing (perhaps my mother hit me with a starter cord as a small child).

Economics can predict my behavior because of that fact (I will cosume leisure over labor and forego the current costs).

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Melvin Bayer

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11y ago

Economics is the science of human action. Psychology is the study of the human mind. Psychology tells me why I prefer the a quiet nap to mowing a lawn that needs mowing (perhaps my mother hit me with a starter cord as a small child).

Economics can predict my behavior because of that fact (I will cosume leisure over labor and forego the current costs).

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Q: How is economics related to Psychology?
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