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A blog about cognitive and behavioural economics. Building mathematical models of how psychology influences economic systems.

What makes a useful theory?

Mon, 29 Apr 2019 19:02:10 GMT

If conventional economic theory is so wrong (as we are repeatedly told) why does it survive so well? This post by UnlearningEcon prompted me to think again about why economics, despite widely accepted empirical data from behavioural econ, is broadly taught in the same way as before, and why its basic assumptions still underpin much modern research. Some have a sociological explanation for this. In this view, economists are invested in the old approaches, have spent decades honing...