Hope in Economics

Abstract

As a topic of research in economics, hope has not been very prevalent. Following the neo-classical paradigm, economists have tended to focus on rationality, self-interest, and universals. A normative and subjective experience such as hope was not believed to fit well with this perspective. However, the development of several heterodox economic approaches over the past decades, such as behavioral economics, has led to renewed attention being given to emotion, subjectivity, and normativity. Economic research on concepts related to hope, such as anticipatory feelings, (consumer) confidence, expectations and aspirations has consequently increased. In general, these studies find that hopeful feelings have a strong motivating power for (economic) behavior. By and large, the effects of hope seem to be positive, ranging from longevity and health to innovation and well-being. Nonetheless, there have also been indications that prompt caution, for example when it comes to false hopes, disappointment, or possible manipulation of societal hope. The field of economics has gained much valuable insight from existing research but we argue that it could gain from further definitional clarity. We discuss the difference between hope and related concepts such as optimism, in particular when it comes to economic research, and suggest topics for future research that could benefit from a focus on hope.