The shift from the classical to the modern neoclassical approach to economics wasn’t simply a matter of style but reflected a new way of looking at the world. Smith depicted people as driven by all ...

Prior to World War II, the U.S., the U.K., and other Western countries largely operated on the classical economics model, in which markets operated freely, and there was minimal government ...

But Sometimes They Do Not What studies in behavioral economics have repeatedly demonstrated is that sometimes people’s behaviors not only stray but stray systematically from classical economists ...