Can studying the human brain revolutionise economics?

The Economist Magazine surveys some of ongoing brain studies that might in the future be incorporate into governmental MacroEconomics calculations to more accurately maximize individual Utility (as in increasing Happiness). Maybe they have some insights that shows increasing happiness is not the same as decreasing misery.

The paradigm expressed is a tug between emotion and reason (or in brain-speak, the limbic system versus the prefrontal lobes)

David Laibson, an economist at Harvard University, thinks that such experiments underscore the big role that expectations play in a person's well-being. Economists have usually assumed that people's well-being, or “utility”, depends on their level of consumption, but it might be that changes in consumption, especially unexpected downward ones, as in these experiments, can be especially unpleasant.

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