Behavioral Economics and Macroeconomics: Relationship Identification by Case of Economy Crisis in 2008

Research in behavioral economics is finding increasing application in the field of microeconomics, which examines how people behave and what they could be thinking while economists do case studies. However, it has been found only rarely that human behavior has a strong relationship with microeconomics, and that is what the purpose of this paper is to investigate using the example of the economic crisis that occurred in 2008. Accordingly, the paper utilized a variety of literature study (desk research) and data base analysis to arrive at the conclusion that behavior economics can be qualitatively applied in macroeconomics; nevertheless, there is a lack of proof in the data base. In addition, as a follow-up on the case from 2008, the paper receives a new formula to identify human behavior in consumption or speculation. This is a new behavior notion that may be used in macroeconomics and in the study of human consumption behavior.