The field known as "behavioral economics" branched out from traditional neoclassical economics beginning in the 1970s. 1) Explain the theoretical basis for the distinction between traditional economics on the one hand and behavioral economics on the other. 2) Based on your knowledge of economic theory (in addition to this class you must also have completed a course in microeconomic principles) and what you have learned about behavioral economics, explain whether or not you think this "new" branch of economics is justified.