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  • Writer's pictureMuhammad Zain Rasheed

Group Economics: Pioneers of Collaborative Analysis

Group economics is a field of study that focuses on the behavior and decision-making of groups in economic systems. It is an interdisciplinary approach that draws on the insights of psychology, sociology, and anthropology to understand how groups influence economic behavior.

The pioneers of group economics were a group of economists, sociologists and psychologists who began to study group behavior in the 1920s and 1930s. They recognized that traditional economics focused too heavily on individual behavior and decision-making and failed to fully capture the dynamics of group behavior. They sought to develop a new approach to economics that took into account the social and psychological factors that influence economic decision-making.

One of the key figures in the development of group economics was British psychologist and sociologist Kurt Lewin, who is considered to be the father of group dynamics. Lewin's work on group behavior and decision-making had a significant influence on the development of group economics.

Other notable pioneers in the field include sociologist George Homans and psychologist Muzafer Sherif, who both contributed to the understanding of how groups make decisions and how group behavior is influenced by social norms and power dynamics.

The insights and methods developed by these pioneers have had a lasting impact on the field of economics and continue to inform research and policy decisions today. Group economics continues to evolve and expand, with new research exploring the impact of digitalization and the internet on group behavior in the economy.

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