What is behavioral economics?

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This seems like a really complicated subject that needs a good, simple definition. It would be helpful to know how it relates to traditional economics and what behavioral economists are saying about how the economy is doing today.

In: Economics

3 Answers

Anonymous 0 Comments

Behaviorism rehashed. It’s an empirical approach to understanding human behavior, which was pioneered by B. F. Skinner but too far ahead of his own time to be appreciated. Although, instead of demonstrating relationships between behavior and environmental factors, behavioral economics seeks to establish economic theories that explain all human behavior as extrapolated from a few experiments/observations, and always toward a technology of behavioral manipulation and control, such as nudges (which were called prompts or discriminative stimuli by Skinner).

My recommendation: if you want to know about behavioral economics, forget about behavioral economics and study Skinner instead.

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