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Just like physicists know that an apple dropping from a tree will not perfectly follow Newton's laws, economists know, and have always known, that these models
by matt4077 9y ago
Just like physicists know that an apple dropping from a tree will not perfectly follow Newton's laws, economists know, and have always known, that these models are idealised, and incomplete.
That's why they keep handing out Nobel prizes to people finding better frameworks approximating actual human behaviour. (i. e. Kannemann 2002, and this year's)
- UncleEntity 9y agoThe difference is physicists don't try to change the behavior of apples unlike the quote that claims economic actors are irrational because they don't fit the models.