I remember 10 years ago when I asked econ profs what they thought about behavioural effects and how I was mostly knocked down (because this was back then not ac

I remember 10 years ago when I asked econ profs what they thought about behavioural effects and how I was mostly knocked down (because this was back then not according to doctrine). That's when I began to realize the importance of politics and the status quo in the academic profession. Lesson learned! 10 years later - it's all behavioural and empirical econ (think "Freakonomics") that gets mentioned. Now the field is on its way to change (also due to a recent financial meltdown, and the inability to forecast any of it). Quote from article: "A recent ranking of academic economists was topped by Joseph Stiglitz and Andrei Shleifer, two prominent hole-pokers. A newly prominent field, behavioural economics, concentrates on the consequences of irrational actions." Also think of the fairly recent Nobel prize (Kahneman 2002) in behavioural econ. As a side note, Kahneman, a psychologist, claims to never have taken a single econ course.