Is Behavioral Economics a big deal? You Decide.
Thanks to the MindHacks blog I found an article from “Prospect magazine about whether behavioural economics is the savour of the dismal science or just fad in the boom and bust of economic theories.” The article presents two contrasting views, first from Peter Lunn and then from Tim Harford.
Article Introduction (Via Mindhacks Blog)
The main thrust of the criticism is that behavioural economics has some interesting lab findings but hasn’t really changed any of the large scale theories of how the economy actually works, while the main line of defence is that this is not a sign of scientific bankruptcy, just the result of it being a young science.