"Too much economics, say Mr Akerlof and Mr Shiller, has been built on the premise that humans are rational calculators. That is not a new criticism, even from economists. Over the past couple of decades Homo economicus has evolved into a being more like H. sapiens, as economics has drawn on psychology, biology and even neuroscience. “Behavioural” economics has shaped public policy—for instance, in encouraging people to save or in shaping the choice of investments in their pension pots. Behavioural economists have earned Nobel prizes. Mr Akerlof and Mr Shiller, however, complain that this evolution has been confined mainly to microeconomics. It is time for macroeconomics to catch up."
The economist writes an article essentially stating that the very basis of its worldview is wrong...but it's buried in the science section so I suppose hell hasn't frozen over yet.
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