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by genericresponse
247 days ago
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That's just not true. The models have real predictive power, they just have limitations. Behavioral economics, which tackles this frontier is still a growing field. Thaler, Kahneman, and Taversky won the prize in 2017 for building the bridge between economic theory and individual decision-making. At the risk of being inflammatory-- These arguments are the equivalent of saying that Newton didn't really do physics because his models of mechanics break down at high enough speeds and small enough scales. |
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