Emotions in the brain have been shown to be the result chemical reactions alone.
However, I do not believe that it accounts for the conscious perception of those emotions.
Good point, Guidosoft.
Antonio Damasio separates between emotions (evolutionarily preserved behavioral sequences, typically governed by the limbic system) and feelings (conscious perception of those emotions).
Drew, I'd read some Damasio if you're really interested in the cognitive and neuroscience aspects of emotion. I think it should be accessible to an interested layman.
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