The relationship between praxeology and the BIg-5 Personality Trait systems for profiling behaviour. Understanding human behaviour requires the melding of insights from different disciplines. On one hand, we have praxeology, rooted in the economic tradition of Ludwig Von Mises. Praxeology is the study of human action based on the assumption that individuals act purposefully. On the other hand, we have the Big 5 Personality Trait System, grounded in psychological research, prominently discussed by Jordan Peterson, and formulated by Costa and McCrae.
The Big 5 offers a categorization of human personalities based on five core dimensions: Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism.
Here's an integration of these two perspectives through my personal representation of Ludwig von Mises and Jordan Peterson:
Note - This is a fictional representation using my own personal interpretations from both of their perspectives.
Ludwig Von Mises: "Human action is purposeful. Individuals make decisions based on their subjective values, seeking to maximize their utility or satisfaction."
Jordan Peterson: "While humans act purposefully, their actions are influenced by stable personality traits. These traits can influence how they perceive their environment, interact with it, and make decisions."
Ludwig Von Mises: "In economic models, we usually make simplifying assumptions, such as rationality. However, real humans deviate from these idealized models."
Jordan Peterson: "Absolutely. For instance, someone high in Openness might be more inclined to take financial risks, exploring new entrepreneurial ventures. In contrast, someone high in Conscientiousness might be more diligent in financial planning and less impulsive in spending."
Ludwig Von Mises: "So, you're suggesting that personality traits can influence economic behaviors?"
Jordan Peterson: "Indeed. Let's consider Extraversion. Extroverted individuals might be more assertive in market negotiations or more likely to engage in social economic activities, like networking events."
Ludwig Von Mises: "This resonates with another economist's view on dispersed knowledge, Friedrick Hayek's." Each individual, based on their traits, has a unique perspective and knowledge, leading to a diverse array of actions in the market."
Jordan Peterson: "I've consistently emphasized the importance of individual differences. For example, someone high in Agreeableness might prioritize social harmony over strict market competition, potentially accepting a less favorable deal to maintain a relationship."
Ludwig Von Mises: "I've often discussed the overarching ways people see the world. Could these 'visions' be influenced by personality traits, like Neuroticism influencing a more pessimistic economic outlook?"
Jordan Peterson: "Certainly. High neuroticism might lead to increased risk-aversion or a heightened perception of economic threats. Conversely, low neuroticism might lead to over-optimism in economic ventures."
Ludwig Von Mises: "It's evident then that merging praxeology's understanding of purposeful action with the Big 5 can offer a richer, more nuanced understanding of economic behaviour."
Jordan Peterson: "Absolutely. By appreciating the interplay of personality and purpose, we can better predict, understand, and guide human behaviour in economic settings."
In essence, praxeology provides the framework to understand human action as purposeful, while the Big 5 Personality Trait system provides a lens to understand the nuances of how different individuals might act purposefully. Integrating the two may offer a comprehensive toolset to analyze and predict human behaviour in economic contexts. From the author.
The opinions and statements are those of Sam Wilks and do not necessarily represent whom Sam Consults or contracts to. Sam Wilks is a skilled and experienced Security Consultant with almost 3 decades of expertise in the fields of Real estate, Security, and the hospitality/gaming industry. His knowledge and practical experience have made him a valuable asset to many organizations looking to enhance their security measures and provide a safe and secure environment for their clients and staff.
Comments