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The field is known as "behavioral economics" branched out from traditional neoclassical economics beginning in the 1970s

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The field is known as "behavioral economics" branched out from traditional neoclassical economics beginning in the 1970s.

1) Explain the theoretical basis for the distinction between traditional economics on the one hand and behavioral economics on the other.

2) Explain whether or not the "new" branch of economics is justified.