Hop Along, Cassidy
A commenter wonders what I have against behavioral economics. In fact, I have nothing against behavioral economics so long as it is understood properly. My problems with the New Yorker piece "Mind Games" (see previous post) have to do with particular passages, not behavioral economics as a whole.
Specifically, Laibson posits a sort of progress by "studying progressively smaller units." This might make sense in biology or physics or something, but in economics it just sounds like micro triumphalism. I also don't know about this passage (in italics):
Today, most economists agree that, left alone, people will act in their own best interest, and that the market will coordinate their actions to produce outcomes beneficial to all.
That's a statement that very few economists would agree with. If I feel like it, later I'll write a post on the uses and misuses of behavioral economics.
Specifically, Laibson posits a sort of progress by "studying progressively smaller units." This might make sense in biology or physics or something, but in economics it just sounds like micro triumphalism. I also don't know about this passage (in italics):
Today, most economists agree that, left alone, people will act in their own best interest, and that the market will coordinate their actions to produce outcomes beneficial to all.
That's a statement that very few economists would agree with. If I feel like it, later I'll write a post on the uses and misuses of behavioral economics.
posted by James | 9:25 PM
3 Comments:
That is a horribly phrased sentence, but I think he means that's the assumption that standard neo-classical economics makes, and that's more or less true of the models, but you're right, they probably wouldn't personally agree with that statement.
And you know this is Dice, right.
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