What is the difference between classical economics and behavioral economics?

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asked May 24, 2018 57.0k views

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Jonshot · Answer 1 · 2018-05-30T11:17:12+0000

Classical economics stresses that people are rational creatures who seek to maximize utility/increase possible benefit. But behavioral economics stresses that humans are irrational in a predictable way, dependent on context.

What is the difference between classical economics and behavioral economics?

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