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On each of the following grounds, briefly rationalize an economist's objection to the term "behavioural economics": i) Redundancy of terminology, ii) Ambiguity of terminology, and iii) Devaluation of economics as a field
On each of the following grounds, briefly rationalize an economist's objection to the term "behavioural economics":
i) Redundancy of terminology,
ii) Ambiguity of terminology, and
iii) Devaluation of economics as a field.
Expert Solution
A newer subcategory of economics, called "behavioral economics" is devoted to the analysis of what happens when people make irrational decisions and why they may make an irrational choice.
On each of the following grounds, briefly rationalize an economist's objection to the term "behavioral economics":
| i) Redundancy of terminology, | Redundancy means that the term is not necessary. Since all economics involves human behavior, all economics is "behavioral" in a sense. |
| ii) Ambiguity of terminology | The "behavior" is somewhat ambiguous, because it may be based on different psychological or cultural factors for different people. |
| iii) Devaluation of economics as a field. | Some economists feel that "behavioral" economics makes it more akin to sociology, rather than being its own distinct field of study. |
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