The role of behavioral economics during the Covid-19 pandemic

Abstract

Over the past few decades, one of the significant events of economic science can be considered the emergence of a new direction of its development, which has been called behavioral economics. Behavioral economics explains why people are not always rational when making decisions. Behavioral economics has made it possible to overcome the socio-economic crisis caused by COVID-19. The state used the concepts of PE to push people towards desirable behavior that helped stabilize the situation, reduce disease, and reduce fear among the population.