Financial education and wealth management behaviors: bad education and zero conduct?

Summary Speaking about the 2008 financial crisis and the knowledge of economists, who some believe were unable to predict the crash, Paul Krugman stated in an evocatively titled article in the New York Times (How Did Economists Get It So Wrong?, 2009): "...even during the golden age of the efficient market hypothesis, it seemed clear that many real-world investors were not as rational as the standard models assumed." Since the 1980s, many have questioned the foundations of the rational agent theory (homo oeconomicus) and turned instead to the competing "paradigm" of psychological economics, proposing to abandon neoclassical finance for behavioral finance.