Abstract
Traditional Economics ignores institutional elements of human behavior. However, advances in this subject incorporate contributions from other sciences, such as Psychology and Sociology, to include authors that emphasize the importance of institutions to understand human behavior in different societies, such as Thorstein Bunde Veblen. Unlike the concept of “economic man”, traditionally seen as isolated and endowed with perfect rationality, the reflection of this work is focused on the possibility to understand the behavior of individuals in the Economics based on contributions made by Veblen. The purpose of this article is to present the cognitive and institutional aspects of the behavior of individuals in the Economics through the Veblenian approach which refers to the habits and instincts as a way to include the institutions and uses the idea of conspicuous consumption to justify the presence of these elements in behavior. The study of the behavior of individuals considers historical contexts, social interactions and institutions.
Keywords:
Behavior; Individuals; Institutions; Veblenian approach; Institutional Economics