[culturalzero]

The biggest problem I run into with this is that I believe the bounds of rationality for different individuals had far more variability than is accounted for. I suppose it's still useful to look at for a perspective on some things though

[nabla9]

Economic models usually look at average behaviour for large groups. There are cases where the model breaks, but jumping into "oh, it was all bs then" is just populism.

[NhanH]

I know nothing of modern economics, but couldn't you just model the rationality of individual as a random variable like everything else?