Wake Up, Traditional Economics!

Behavioral economics as we know it today is not behavioral economics as it will be in five, ten, or fifty years. Right now, the field of behavioral economics is basically acting as a wake-up call to economics. Behavioral economics is saying, “Hey, traditional economics: we humans aren’t as smart as you give us credit for. People aren’t 100% rational. Let’s figure out how and why, and if we can some predictable, systematic way of modeling that irrationality, so much the better.

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