Islamophobia under the View of Behavioral Economics: Facts vs Fear

Abstract

The fundamental of behavioral economics basically comes from animal spirits that try to explain the decision making as real humans who are full of animal instincts such as fear, love, greed, anger and delusion. Particularly, fear is an ingrained instinct inside us that causes of phobia (an extreme or irrational fear of or aversion to something). Various media tend to apply fear in order to attract the audiences because it is an easy way. Therefore, the behavioral economists believe that the lack of real understanding about this is fooling us back in the wrong perspectives which lead to incorrect policies and government solutions. Finally, resulting in the global economic system, real economy, and credit market is almost collapsing.