3 ms·
I'm sorry, but I don't want to debate your personal definition of the word "science". Per convention economics is called a "social science" and that's a convent
by jevgeni 11y ago
I'm sorry, but I don't want to debate your personal definition of the word "science". Per convention economics is called a "social science" and that's a convention I will adhere to.
In addition to what JupiterMoon says, I'd say that individual behaviour was never a real problem in economics. A lot of the theories are built on stupid assumptions about rational behaviour, but that's just it: you always can change the assumptions and see what happens. Behavioural economics is just that.
The real problem of economics is scale and inability to cleanly experiment on that scale. To imply any kind of large scale "herd" behaviour from individual behaviour would still require a tonne of a priori, non-falsifiable assumptions. Even if the assumptions can be shown to be valid now, it would be impossible to prove that they are stable and valid for a long period of time.