Economics Essay Examples

Essays on Economics

Neoclassical economics and behavioral economics are generally at the center of economics teaching, however, these two views have different approaches to economics and how people respond to mistakes. Many leading figures in economics, such as Nobel prize winner Herbert A. Simon, have been recognized for innovative research and theories they have formed from their work in economics. The current state of mainstream economic teaching has chosen for the most part chosen to embrace behavioral economics, while still educating individuals on other views.

Digital Education and the Classroom Education
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The growth of the Internet, mobile phones, mobile apps, tablets, laptops, and other recent devices, things are becoming more and more digitalized in today’s world. The education method in India’s metros and further cities has also become well-run to a large extent, making way for digitalization. With numeral International schools coming up, digital education is making its means into the education system of India and is taking the place of the customary classroom training. Digital India is an idea to…...
Business EducationEconomyOnline Education Vs Traditional Education
How important are pollinators in nature
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Nothing signals the arrival of summer like the buzz of a bumblebee amongst a blooming vegetable garden. It may feel a long way off, but soon the landscape will be spotted with colorful wildflowers, and our yards will be graced by hummingbirds, butterflies, bees, and moths once more. These pollinators are not just friendly neighbors, they are incredibly important as they help plants reproduce by transferring pollen from flower to flower. When they do this, the plants then produce fruits…...
EconomyEnvironment PollutionIn The Time of The ButterfliesScience And Technology
How the Importance of Environmental Protection Has Impacted the Automotive Industry
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Environmental Segment Car dealership like Group 1 auto has been facing immense pressure from the changes in the current environment where carbon emissions in the ecological environment has been a major talking point over the past two decades and have given rise to multiple changes in the automotive industry along with the car dealership across the globe. Apart from the impacts of carbon emissions, it is important to understand that natural disasters like Hurricane Harvey in 2017 also reduces the…...
BusinessEconomyProtection Of Our Environment
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Capitalism and Individualism in Robinson Crusoe
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In popular imagination Daniel Defoe’s Robinson Crusoe has become an adventure story for children, for which the original novel is not responsible, but the abridged and bowdlerized versions must be blamed. A close reading of the original text reveals a novel of enormous significance. In many ways the novel can be said to be defining the modern citizen of capitalistic society. It is also widely regarded as being the first modern novel. In fact this latter claim is not unrelated…...
CapitalismEconomicsGreedIndividualismMax WeberRobinson Crusoe
Letter of Appliance for PhD Program in Finance at The University of Pennsylvania
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Six years of assiduous study in finance have equipped me with extensive finance knowledge and a solid mathematical foundation. Most importantly, these years have nurtured my aspiration for a thriving career in finance research. I am therefore writing to apply for acceptance to the PhD in Finance program. I did not come by this momentous decision to pursue a PhD lightly; my personal and academic experiences combined have helped me define and clarify my purpose. It was in September 2008…...
Histochemical Effect of Dichlorvos on Kidney of a Carp Fish
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Abstract: Kidney is an important organ that helps in maintaining homeostasis thereby help to maintain body composition. Therefore, an experiment was carried out to assess the histochemical impact of a pesticide called dichlorvos on the kidney of a carp fish Cyprinus carpio. Our analysis indicates about detrimental impact on different parts of kidney such as interstitial haemopoietic tissue (IHT) and glomeruli (G), neck segment (NS), proximal convoluted tubules (PCT), neck segment (NS), distal convoluted tubules (DCT), etc. our experiments points…...
Effect of Pesticides: Carbaryl
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The scholarly article, “Predator-induced stress makes the pesticide carbaryl more deadly to gray treefrog tadpoles,” summarizes Relyea’s and Mills’ research on widespread pesticide use and its impact on the global decline in amphibians. Previously, there was not enough persuasive evidence to support the hypothesis that pesticide use was a major contributor to global amphibian decline, and any existing research was conducted under highly artificial conditions. However, Relyea’s and Mills’ research has shown that low concentrations of just one pesticide—in this…...
The Wrath of Grapes Boycott by Cesar Chavez
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Recently, there has been an increase in organic food recognition for the absence of deadly synthetic pesticides in its growth process. However, through the 1900s, the farming industry consistently increased the usage of pesticides. This was due to the farming industry, and the state government’s agenda to increase annual crop yield, and thus to make more money. In response to these selfish actions, Cesar Chavez, along with many Californian farmers and workers, established the National Farm Workers Association to strike…...
Effect of Pesticides on Organisms
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Pesticides are substances used for destroying insects or other organisms harmful to plants or animals. Usually this benefits those who purchase them to get rid of unwanted pests or animals.There are multiple types of pesticides such as herbicides,insecticides and rodenticides. People usually believe that pesticides are made solely for their purpose and don’t affect other beneficial organisms.However, pesticides can be a killer to not only pests but beneficial organisms and humans.The purpose of this science fair experiment is to was…...
An Essay on Methods of Resolution of Disputes in International Trade Contracts
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International trade contracts can give rise to disputes, which need resolution. This can be done through a process of litigation, or arbitration, to mention just two methods. Certain issues however, need to be taken into consideration when using either of the two methods for dispute settlement. Many businesses in recent times have preferred to use the latter method of arbitration. This has in many cases become the norm. It has also been suggested, the increased use of arbitration as a…...
International Trade
The Controversy of the Government’s Money Spending in the United States and the NASA’s Poor Handling
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One of the most prominent controversies of government spending in recent years has been the funding of space exploration. Space exploration requires substantial costs and commitments, which are certainly enough to put a country in serious debt if budgets are handled poorly. With other domestic issues becoming more prominent and requiring more funding, NASA has become something of an afterthought. At first glance, space exploration funding seems like a waste of time and money that would be better off invested…...
EconomySpace Exploration
The Positive Impact of Controlled Casino Gambling in Singapore
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Controlled casino gambling in Singapore will positively impact their economy, strengthen their social culture, and benefit other countries as well. Singapore announced 18 April, 2005 that it would allow construction of a pair of Las Vegas-style casinos, giving two gaming operators a potential for a significant revenue jump by the end of the decade (Rahil 18). The fact that the famously conservative Singaporean government is allowing its first ever casino, proves the gambling industry is hot indeed. Singaporean Prime Minister…...
An Examination of the Main Influences on the Exchange Rate of a Currency
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What are the Main Influences on Exchange Rate of a Currency?Currency exchange rate is an important factor for consideration in determining theeconomic growth of a country. Exchange rates play a critical role in a country's level of trade asit affects how a country trades with other nations. A higher currency exchange rate makes exportsmore expensive and imports cheaper in the foreign market thus it lowers the country's balance oftrade. On the other hand, lower exchange rate makes a country's export…...
The Economic Crisis of the Nicaraguan Electorate in 1990
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The Nicaraguan electorate approached the 1990 elections facing an economic crisis, mainly caused by U.S. hostility and its imposition of embargo and a military draft caused by the Contra War. During the elections of that year, the Nicaraguan electorate had to choose between rightist Chamorro and incumbent socialist Ortega. Most international observers predicted that regime direction would not be altered. However, the unexpected occurred and UNO-the rightist party was the winner of the elections. The striking election results meant that…...
Economy Crisis
The Economic Debate in Don’t Blame Wal-Mart, an Article by Robert Bernard Reich
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On February 28, 2005, Robert Bernard Reich, stirred up quite a dispute with his article "Don't Blame Wal-Mart.” In his article Mr. Reich brings to consideration the economy and how individual American consumers affect it, causing many Americans to deliberate and ask an uncomfortable question. Is it the corporation's fault, or is it ours, as citizens? While conveying to the surface effective arguments on both sides of the economical debate, Reich manages to stir up several acceptable questions for modern…...
An Essay on China, the Human Rights and the World Trade Organization (WTO)
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On November 30, 1999, the members of World Trade Organization (WTO) will head to Seattle for the 3rd Ministerial Conference. Among the items on the agenda set forth for that week of meetings include debating and deciding on the vital issue of whether to admit China into the international commerce alliance. Some oppose, some support Chinas admission. Others are debating which way their vote sways. One of the major votes needed for approval of Chinese membership belongs to the U.S.…...
Free EssaysWorld Trade Center
The Life and Contributions of Joan Robinson to Economics
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Joan Robinson was a profound influence on the economic ideas and concepts we see today, not only because of her presence in a time when women weren't widely accepted as high thinkers, but because of her ideas so relevant and clearly articulated. Joan was born in 1903 in Camberley, Surrey and died at eighty years old in Cambridge, England. Joan was the daughter to Frederick Maurice and Helen Marsh. Her father worked with the British army and her mother was…...
An Explanation of Economic Recidivism Through Three Opinions
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In recent times, the justice department has experienced repeated activities of criminal cases among former felons who have already passed through correctional facilities already. According to Mitchell et al., (2017), this is referred to as Recidivism, "a tendency that a convicted criminals are likely to commit an offense again” (p. 570). Additionally, it also refers to a given percentage of criminals who were earlier on convicted and have been recently re arrested. Therefore, this term can be used in economics…...
A Study on Market Structures in Economy
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Market structures are the "organizational and other characteristics of a market" (Riley, 2012). These characteristics include: number of firms, the nature of costs, product differentiation, barriers to entry, and economic efficiency. Market structures are used to classify firms within the forever-growing market. There are four main market structures: perfect competition, monopolistic competition, monopolies, and oligopolies. All of these structures are alike and different in many ways and they all have various advantages and disadvantages. Perfect Competition Perfect competition occurs when…...
Brazil’s Economic Relationships Foreign and Domestic
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Brazil Economic Uncertainty South America is one-eighth of the Earth’s land surface. Brazil is the fifth largest country in world. (Central Intelligence Agency, 2018) Occupying half of South America’s landmass, it is geographically the largest country on the continent. Brazil has a population of 211 million 418 thousand and 244 people, which is equivalent to 2.76% of the total world population. (Central Intelligence Agency, 2018) Brazil was at the forefront of the emerging-country movement to transform the global order, and…...
Economic Downfall in Dagestan
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Dagestan loosely translates as the “land of the mountains” and this aptly describes the geography of this country. The country is located in the turbulent region of the North Cuscuses and borders Georgia, Chechnya, Azerbaijan, and the Caspian Sea. Some of its mountains are so high that one could only access them by helicopter. The country has linguistic and ethnic diversity with a sizeable number of Muslims. The region has vast reserves of oil and gas and has the potential…...
Economic Situation in World during Pandemic
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Besides that, this pandemic also causes people to be cautious of traveling and the tourism industry will continue to suffer because most of the nations had banned their citizen to travel. In February 2020, the passenger for airline fell 14.1 percent which is considered to be the steepest fall since the terrorist attack of 9-11 (Sidhu, 2020). Large declines in passenger number caused aircraft to fly empty between airports and flight cancellations. This also will cause airlines suffering from the…...
Economic Situation of Venezuela
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Venezuela is known for its abundant oil reserves, but somehow it is on the brink of economic collapse (Forero, Juan). The recent Venezuelan economic crisis has led to massive hyperinflation, as well as an increase in unemployment and poverty nationwide, and many citizens are blaming President Maduro's socialist regime for these issues (“From riches to rages: Venezuela’s economic crisis”). These issues have caused unhumanitarian living conditions for the Venezuelan population, and it is effectively increasing the total of lives being…...
Comprehensive Forecast for a New Building Hardware Store
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Based on the readings of Everyday Economic Statistics, a primary text for Managerial Economics course, a detailed plan of indicators and web resources to develop a new start up hardware store will be discussed in this essay. The indicators used in this essay will scan for total output and income, economic production and growth, investment and capital expenditures, total employment and consumer spending (Clayton, Giesbrecht & Guo). Specific economic indicators will provide a forecast enabling sound decision-making in order to…...
Devolution: Reasons and Examples
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If your region is part of a state and has been for an extensive amount of time, what circumstances would cause you to want to deviate? This process of diverging from a state and in order to gain political strength and /or autonomy from that state is referred to as devolution (de Blij & Muller, 2010, p. 61). Devolution can come in the form of full of limited autonomy based upon the desires of the separating region. Europe has been…...
An Analysis of the Rational Choice Model and Utility Theory
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In this synopsis I intend to analyse the rational choice model and its relevance in economic theory, using the utility theory as an example. Firstly I will define and explain rational choice and then introduce utility theory. From there I will move on to outlining some of the major criticisms of the rational choice model. Rational choice is a psychological model directed at testing and analysing the rationality of individuals decisions. It was introduced to economics by John Mill, who…...
Vietnamese Small- and Medium-sized Enterprises
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According to the statistics of Ministry of Justice, within the past few years Vietnam has recorded a significant growth of Small- Medium sized enterprises, which made up 97% of the total enterprises in Vietnam. SMEs is playing an important role in promoting Vietnam economy by bringing huge benefits such as creating more jobs, enhancing income for employees, reduce poverty as well as encourage the growth of large enterprises including industrial industry. Especially, SMEs have created over half millions of jobs…...
The Economic Growth in Vietnam
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Vietnam used to be a developing country but in the past few years, it has started to grow economically and is moving fast towards becoming a developed country. There has been an increase in technological advances as well as an introduction to the internet and from the looks of it, the poor lifestyles of Vietnamese citizens will surely change for the better in terms of being more developed and having more money. Although this is true, it is all but…...
Critiques and Responses Regarding Modernization Theory
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Most critics of the modernization theory, namely Theotonio Dos Santos and Ivan Illich, have remained skeptical of the general claim that economic growth results in shared prosperity. Walt Rostow outlines in his work, The Stages of Economic Growth, the five essential stages of economic growth that lead to a nation's modernization. His claims have become one of the main components of the theory of modernization for societies, and Rostow is now vastly considered the grandfather of modernization theory. Although the…...
Examining the Main Attributes That Compromise Successful Talent Analytics
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Executive Summary This essay employs a comprehensive approach to examining the main attributes that comprise successful talent analytics and outlining some of the important roles it plays in talent management outcomes and business performance. The essay utilizes available literature on human resource management (HRM) to argue that strategically minded organizations rely a great deal on talent analytics to effectively plan and develop a workforce with the much needed competencies. To successfully achieve this, the essay investigates the relationship between talent…...
Evaluation of China’s Open Door Policies
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Summary: Lawrence and Cheng in their book of U.S. Direct Investment in China examine a very significant point in analyzing China’s open door policies, which is China’s institutional and legal framework of Foreign Direct Investment (FDI). This shows the trend of continuous reform and implementation of new incentivizing policy and protectionist regulations forming a zigzag towards the goal of the industrialized and liberated Chinese market. A significant policy outlined in their book for FDI attraction is the reduction of tax…...
Carl Philipp Emanuel Bach
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INTRODUCTION The 18th and 19th centuries saw the rise of the Classical period of art in Europe, concentrated in areas such as Austria and Germany. The composer, Carl Philipp Emanuel Bach, better known as C.P.E. Bach, rose to prominence during this time. Although his name in modern times has often been overlooked or disregarded in favor of his famous father, Johann Sebastian Bach, during his time, C.P.E. Bach was regarded as the superior member of the Bach dynasty. As a…...
Classical MusicMercantilism
Early Modern Period of Europe and Russia
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Everything changed when the early modern period started because this is where every region starting to develop. It led new discoveries and different ideas to take toll in Europe and Russia for example It also started to focus on science, more than religion and types of power shaping their empire. The period began in 1500 and ended at 1800. In this period different changes start to happen for example in Europe they had an Age of Enlightenment, religion, rights, politics,…...
The Issue of Mercantilism in IKEA
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IKEA may be an overall association celebrated the world over for its arranged to-accumulate DIY furniture. IKEA was the supply of enthusiasm, relentlessness and advancement of Swedish creator Ingvar Kamp. He was considered on March thirty, 1926 in P.d (now a district of Ä.Municipality, Sweden), and was raised at a farm named E.d, that is found in Associate in Nursing going by no town insinuated as A.d. In reality, even once he was so far energetic, Kamp understood that the…...
The Idea of Mercantilism
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An entrepreneur is defined as “someone who organizes, manages, and assumes the risks of a business or enterprise...” (Kumar, 2017). According to Hur (2018), entrepreneurship is seen as the cornerstone of a capitalist economy. He states that historians have traced the first entrepreneurs back to almost 20,000 years ago in New Guinea where locals would trade hunting tools for other goods. This was expanded during the medieval period where large marketplaces were available for trading or purchasing foods, clothing, or services.…...
Bank Negara Malaysia and Mercantilism
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Bank Negara Malaysia law 1959 that built up the Bank Negara Malaysia was actualized on twenty six Jan 1959. The establishment of Bank Negara Malaysia in 1959 are frequently fundamentally ascribed to the prominence then for the necessity for purposeful administration of the money and credit situation inside the nation. Bank Negara Malaysia is depended with the errand of supervising the country's financial and national economy. Focused on elevating monetary solidness and to cultivate a sound and dynamic cash division…...
Society`s Issue in Jonathan Swift`s Works
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Born in Dublin of the year 1667, Jonathan Swift was a well-renowned satirical writer of his time. Swift wrote many different kinds of poems, compositions, and essays that are well known even to this day such as: Gulliver’s Travels, A Modest Proposal, Stella’s Birthday, A Tale of a Tub and many more. Each one of Swift’s work contained a political nature with satire as the main theme. In these different works, he showed his readers the economical, political, and scientific…...
Jonathan SwiftMercantilism
Worst Problem of Modern Society
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This article shows the issue of a modern society – change in people’s relations. Yes, technologies have its own advantages. For example, thanks to progress in technologies, today I can talk with my family and friends, who are in another part of the world, without no issues. Decades ago, it could have been much harder. The value of virtual communication is that it allows people who live far from each other to keep in touch, it facilitates and helps people…...
Comparison of Thomas Jefferson and Alexander Hamilton
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In the history of the United States, Politics was always complicated. It is to be expected. After all, this was when the government was just starting to come into its own. As it started to grow, the country got more complicated. There were different people debating on how this country should be run. Some of these people were Thomas Jefferson and Alexander Hamilton. These founding fathers had many different opinions on political and economic philosophies as well as domestic and…...
Different Types of Mercantilism in 1800`s Society
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Mercantilism was a huge part of the societies in the 1800’s. The trading of one good for another made a huge impact on the societies. The triangle slave trade is a good example of mercantilism. They would transfer slaves for sugar, and then go get rum, then repeat in a triangle. A lot of farming was happening during this time. Tobacco was a giant cash crop for the societies, and it was a huge part of slaves and indentured servants.…...
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Neoclassical Economics vs Behavioural Economics

Neoclassical economics and behavioral economics each seek to explore and explain human choice behavior. Neoclassical economics is the more conventional viewpoint. It does make correct forecasts, especially when it is addressing how consumers and businesses react to shifting prices, however, it does have shortfalls. One of the biggest is deficits is that it views people as being fundamentally rational. The Canadian Center of Science and Education explained what this belief would look like, “In neoclassical theory, the concept of rationality is associated with maximizing net revenue, for example, a total gain. Entities thus act on the basis of their preferences which are given exogenously, whatever they may be. The characteristics of their behavior are thus inferred from the concept of benefits and preferences. The preferences are abstracted from the cultural and social framework and the maximizing entity is understood to be lonely yet having perfect information and the ability of logical calculation. A model of a perfectly calculating and selfish entity is suitable for mathematical modelling. “

Systematic Errors

Neoclassical economics operates under the stance that while individuals might make initial mistakes when faced with a new situation, the next time they face the situation they will have learned. The result of this should be that mistakes should be rare. Obviously, this is not the case. Systematic errors are rampant. Microeconomics: Principles, Problems and Policies explained behavioral economics approach to systematic errors, “Behavioral economics developed as a separate field of study because neoclassical economics could not explain why people make so many systematic errors… …Behavioral economists err on the side of being messy and vaguely right. As a result, behavioral economics replaces the simplifying assumptions made by neoclassical economics with much more realistic and complex models of human capabilities, motivations, and mental processes.” (Campbell McConnell) Behavioral economics fills the gap of neoclassical economics by choosing to take into account systematic human error.

Herbert A. Simon’s Theories

A leading figure in the school of thought, particularly pertaining to economics, is Herbert A. Simon. Simon was awarded the Nobel Prize in economics in 1978 for his work in economics, particularly how it explored statements that many economists made about how consumers and businesses behave. The Washington Post illuminated his stance when it said, “Simon, using a more psychological approach, postulated that individuals and companies cannot know what actions will maximize their profits or their satisfaction. Instead, he said, they set goals that represent reasonable levels of achievement and try to reach those goals. But such “satisficing” behavior, as Simon called it, does not guarantee that by acting in their own best interests individuals and firms will leave the economy in its best possible position.” (Jr.) Looking back to the previous point discussed, Simon clearly had more of a behavioral view to economics, rather, than a neoclassical view. He did not hold the belief that individuals would be perfectly rational, learning from mistakes, and making the best decision for the entire economy. Instead, he believed that individual’s decisions will not always leave the economy in the greatest conceivable situation.

The current state of behavioral economics within the realm of mainstream economic teaching is that is has been all but one-hundred percent accepted as part of standard economics teaching. It is pivotal to teach both neoclassical and behavioral economics in order for students to have a well-rounded economics education. Some have argued that behavioral economics places too much emphasis on understanding human behavior and using it to justify actions, however, it should be used to understand decisions. The Department of Economics and Business at Aarhus University discussed this intention when it said, “We need reference to self-control problems (time-inconsistent preferences) or self-confidence in order to better understand why many people invest too little in education… …We need reference to behavioral theories of motivation to better understand why relative rank in academic achievement within a class often influences academic outcomes independently from ability” (Alexander Koch) The article later goes on to support the combined teaching of neoclassical and behavioral economics.

Conclusion: Neoclassical and Behavioral Economic Theory

In conclusion, the substantial difference between neoclassical and behavioral economic theory is their views on systematic error. Herbert A. Simon’s research led him to be more in favor of the stance of behavioral economics. At the end of the day, both views should be taught in mainstream economic teaching, as further theories and research are being done on both views every day.

FAQ about Economics

How important are pollinators in nature
...Pollinator plantings work especially well in an agricultural setting, strategically placed to address resource concerns. Well-designed habitat can be incorporated into buffer systems such as filter strips, grass waterways, and road embankments, where...
How the Importance of Environmental Protection Has Impacted the Automotive Industry
...Henry, J. (2012, Feb 29). The Surprising Ways Car Dealers Make The Most Money Off You. Retrieved Feb 18, 2019, from Forbes:

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