The Global Financial Crisis and Behavioural Economics*
Ian McDonald ()
Economic Papers, 2009, vol. 28, issue 3, 249-254
Conventional economics, which is based on Homo economicus, cannot provide a satisfactory explanation for the global financial crisis. However, behavioural economics, and the concept of present bias, self‐serving bias, ‘new era’ stories, money illusion, comparisons with reference levels and herding, can provide an explanation.
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