Uncovers a powerful relationship between pathology and money: beginning in the nineteenth century, the severity of mental illness was measured against a patient’s economic productivity. Madness and Enterprise reveals the economic norms embedded within psychiatric thinking about mental illness in the North Atlantic world. Over the course of the nineteenth century, various forms of madness were subjected to a style of psychiatric reasoning that was preoccupied with money. Psychiatrists across Western Europe and the United States attributed financial and even moral value to an array of pathological conditions, such that some mental disorders were seen as financial assets and others as economic liabilities. By turning to economic conduct and asking whether potential patients appeared capable of managing their financial affairs or even generating wealth, psychiatrists could often bypass diagnostic uncertainties about a person’s mental state. Through an exploration of the intertwined histories of psychiatry and economic thought, Nima Bassiri shows how this relationship transformed the very idea of value in the modern North Atlantic, as the most common forms of social valuation—moral value, medical value, and economic value—were rendered equivalent and interchangeable. If what was good and what was healthy were increasingly conflated with what was remunerative (and vice versa), then a conceptual space opened through which madness itself could be converted into an economic form and subsequently redeemed—and even revered.
#1292 Nima Bassiri: Capitalism, Psychiatry, and the Emergence of Pathological Value
A psychologically rich life: Beyond happiness and meaning.
Cognitive Capitalism - Public Seminar
There are broadly three ways of thinking historically about capitalism. One draws on Marx’s value theory and pretty much treats...Read More
Perspectives on mental accounting: An exploration of budgeting and investing
This article provides an overview of recent advances in the literature on mental accounting within the context of consumer financial decision‐making. We first discuss the categorization process that underlies mental accounting and the methods people use to categorize funds. We then highlight some of the notable work that examines how mental accounting influences budgeting, spending, and investment decisions. The article concludes by proposing an agenda for future research, focusing on current gaps in our knowledge and promising areas to explore.
Pain of Paying? — A Metaphor Gone Literal: Evidence from Neural and Behavioral Science
How do individuals consider the price of a good when making purchase decisions? Standard economic theories assume an analytical process: Individuals consider th
On the Mental Accounting of Restricted-Use Funds: How Gift Cards Change What People Purchase
Abstract. This article emphasizes the role of categorization in mental accounting and proposes that once a mental account is established, purchases that ar
Who Gets to Define Human Suffering?
As psychiatry concedes long-standing criticisms of diagnosis, a deeper question emerges: What now justifies its authority over human suffering?
Effects of mental accounting on purchase decision processes: A systematic review and research agenda
Abstract This paper aims to systematically analyze and synthesize the existing research published on mental accounting and purchase decision processes by conducting a systematic literature review. Specifically, the paper aims to answer the question: “What are the effects of mental accounting on purchase decision processes?” Therefore, it identified 110 papers which contribute to achieving the research objective and which were selected using the same data collection, data analysis, and quality standards. After reviewing the identified publications, the paper finds that the existing literature can be structured along four main themes impacting purchase decision‐making processes: (1) source of funds, (2) intended use of funds, (3) pricing, and (4) payments. The paper shows that for each of the four themes there are multiple mental accounting effects with an impact on for example willingness to pay, the experienced pain of paying or the ultimate purchase decision. Further, the paper identifies potential directions for future research in mental accounting, including the influence of product categories on mental accounting, flexibility in budget setting and its impact on mental accounting behavior, long‐term effects of mental budgeting on financial wealth, integration–segregation behavior in the context of pricing, the role of consumer characteristics on mental accounting behavior, and the impact of increased financial transparency through technology on mental accounting.
A Structural Model of Mental Accounting
We construct and estimate a formal economic model of mental accounting where utility maximizing consumers facing rationality constraints infrequently update the
A Thousand Plateaus
A Thousand Plateaus: Capitalism and Schizophrenia is a 1980 book by the French philosopher Gilles Deleuze and the French psychoanalyst Félix Guattari. It is the second and final volume of their collaborative work Capitalism and Schizophrenia. While the first volume, Anti-Oedipus (1972), was a critique of contemporary uses of psychoanalysis and Marxism, A Thousand Plateaus was developed as an experimental work of philosophy covering a far wider range of topics, serving as a "positive exercise" in what Deleuze and Guattari refer to as rhizomatic thought.
Psychiatry at the Margins | Awais Aftab | Substack
Exploring critical, philosophical, and scientific debates in psychiatric practice and the psy-sciences. Click to read Psychiatry at the Margins, by Awais Aftab, a Substack publication with tens of thousands of subscribers.
The Monsters, Inc. Argument for Unconditional Basic Income
How to convert an economy based on fear to one based on joy
CMV: The labor theory of value is flawed
72 votes, 407 comments. This might be an obscure topic, however, in some—largely Marxist circles— the approach seems to motivate much of the dialogue…
Role Integration Increases the Fungibility of Mentally Accounted Funds
Bridging the gap between the mental accounting and identities/roles literatures, the present research examines how the extent to which an individual's life roles (e.g., “employee,” “spouse”) are integrated (i.e., have more flexible and permeable psychological boundaries between them) moderates the fungibility of mentally accounted funds. Specifically, individuals with more integrated roles are more able to circumvent the constraints typically imposed by mental budgeting and earmarking; therefore, they are more likely to use funds that are allocated or budgeted for the purposes of one role to service the needs/wants of another role. This holds regardless of whether funds have been (1) allocated to a broader role-specific mental account for future expenditures or (2) earmarked for a specific purchase. The authors find evidence that the effect of role integration arises because those with more integrated roles believe that making purchases for one role using funds allocated or budgeted for the other role is more justifiable.
Pay Enough or Don't Pay at All*
Abstract. Economists usually assume that monetary incentives improve performance, and psychologists claim that the opposite may happen. We present and disc
Payment Depreciation: the Behavioral Effects of Temporally Separating Payments From Consumption
Abstract. Research suggests that individuals mentally track the costs and benefits of a consumer transaction for the purpose of reconciling those costs and
