Ivory Tower darkened by the recession
Black eye over assuming that players are "rational" not swayed by emotion.
What Good Are Economists Anyway? - BusinessWeek:
"The rap on economists, only somewhat exaggerated, is that they are overconfident, unrealistic, and political. They claim a precision that neither their raw material nor their skill warrants. Too many assume that people behave like the mythical homo economicus, who is hyperrational and omniscient."