So, OK, great—neoclassical economics has been making predictions well in advance of its ability to test them against reality for decades. People are waking up to that, and one response is the development of neuroeconomics. Instead of assuming that people are rational, neuroeconomics tracks actual behavior based on brain states, and tries to extrapolate from that behavior.
Is that enough? If not, are there alternatives? What do you suggest we do about the fact that one of the most important branches of social science has long since gone off the deep end? It’s really frustrating reading such a well-worded critique of neoclassical economics without even a suggestion as to what should come next.
So, OK, great—neoclassical economics has been making predictions well in advance of its ability to test them against reality for decades. People are waking up to that, and one response is the development of neuroeconomics. Instead of assuming that people are rational, neuroeconomics tracks actual behavior based on brain states, and tries to extrapolate from that behavior.
Is that enough? If not, are there alternatives? What do you suggest we do about the fact that one of the most important branches of social science has long since gone off the deep end? It’s really frustrating reading such a well-worded critique of neoclassical economics without even a suggestion as to what should come next.
Related LW glossary word: “nonapples”.