Wednesday, November 04, 2009

Is Behavioral Economics Doomed?

This was the attention-grabbing title used by David K. Levine for this summer's Max Weber Lecture. "A useful summing up is by considering the main theme of this lecture: that behavioral economics can contribute to strengthening existing economic theory, but, at least in its current incarnation, offers no realistic prospect of replacing it."

2 comments:

Kevin Denny said...

I wouldn't expect or want it to replace existing economic theory. If it is a complement to what we have got already then its hardly "doomed". On the contrary it means that it has found its place.

Martin Ryan said...

My thoughts exactly...