"History is a wonderful thing, if only it was true"

Sunday, August 02, 2009

Knock Deserved

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."

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