Brain in Business: The Economics of Neuroscience

Abstract

As a business educator, I am enthralled with the recent advancements by scientists who integrated neuroscience (the study of the anatomy and physiology of the brain) and psychology (the study of the human mind and human behaviour). Such convergence has given birth to a plethora of new interdisciplinary business fields with neuroprefix such as neuroeconomics, neuromarketing, neuroaccounting, neurogovernance, neuroethics, and neuroleadership. Such an exotic union of science and the arts may provide better understanding of human nature and behaviour change. Imaging technologies such as functional magnetic resonance imaging (fMRI) and positron emission tomography (PET) reveal unseen neural connections in the living human brain along with brain wave analysis technologies such as quantitative electroencephalography (QEEG). We can even theoretically link the brain (the physical organ) with the mind (the human consciousness that thinks, feels, acts, and perceives) through an advanced computer to analyse these connections. As economists and business people always strive for better, faster, cheaper means of production, and demand higher productivity from their employees through effective leadership and supervision, neuroscience is relied upon to provide answers to questions like